Nagpur, referred to as the ‘orange city’, is located in Maharashtra. It is a major city and contributes heavily to the state economy. In fact, it is known as the second capital of Maharashtra. It is emerging as the most promising location for investment in India. The infrastructure development is leading cause for Nagpur as an investment destination in India.
Many IT and IT related companies have established base in Nagpur. Great infrastructure coupled with skilled labor is the chief reason for Nagpur being held as a preferred destination. It fully satisfies the pre-requisites of the IT industry; i.e. power and connectivity. IT majors such as Wipro, Infosys, and HCL have already established their centers in Nagpur and many others are following suit. This industry offers great investment potential and growth prospects.
Nagpur also has many specialized and premier institutes. These top-notch institutes are the major reason why there is an abundance of professionals available in Nagpur. Foreign investors can also look at investing in the education sector owing to Nagpur’s excellent infrastructure. Also, the government has relaxed some FDI norms for investing which is an added stimulus to invest in this sector.
The real estate sector in Nagpur is going through a boom time. The MIHAN (Multi Modal International Hub and Airport for Nagpur) is a project that is going to boost the real estate sector further. The International Airport is also going to be set up as a part of the MIHAN project which will further boost the prospects of Nagpur.
MIHAN is also set to have an Information Technology Center, a captive power and a health center along with other manufacturing units. The infrastructure is supposed to be top notch and up to international standards. This project will transform the landscape of Nagpur. Thus, the real estate sector offers good prospects and potential for investment with more government initiatives such as these.
The transport industry is yet another area for foreign investment. To keep pace with the industrialization and establish Nagpur as a world-class city, the transport avenues are going to need up-grades. Hence, this sector has the potential for foreign investment and expertise.
The tourism industry is an area for investment, too. This sector has already garnered 120 million dollars. Nagpur has many popular tourist locations such as the Ambazari Lake, Balaji Mandir and the Sitabuldi Fort. Tourists visit Nagpur frequently, especially during the winter season. This is another major area one can look to invest in.
Agriculture is a significant contributor to the economy of Nagpur. Crops such as sugarcane, wheat, pulses, and cotton are grown here. Nagpur is especially famous for its oranges worldwide. Hence, the agricultural sector is also a great avenue for investment.
Owing to its strategic location, it can also be used as a multi-model trans-shipment center for agro and industrial commodities within India. It can also act as an international complex for cargo products.
Nagpur offers a plethora of options and foreign investors can look to invest in the above mentioned areas and avenues in Nagpur to reap multiple benefits.