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Kolkata,
formerly Calcutta, is the capital of the Indian state of West
Bengal. It is located in eastern India on the east bank of the River
Hooghly. The city has a population of almost 4.5 million, with an
extended metropolitan population of over 14 million, making it the
third-largest urban agglomeration and the third-largest city in
India.
Economy
Kolkata is the main business, commercial and financial hub of
eastern India and the northeastern states. Until recently, flexible
production had always been the norm in Kolkata, and the informal
sector has comprised more than 40% of the labour force. State and
federal government employees make up a large percentage of the
city's workforce. The city has a large unskilled and semi-skilled
labour population, along with other blue-collar and knowledge
workers.
Kolkata's economic revival was led largely by IT services, with the
IT sector growing at 70% yearly — twice that of the national
average. In recent years there has been a surge of investments in
the housing infrastructure sector with several new projects coming
up in the city.
Kolkata is home to many industrial units operated by large Indian
corporations with products ranging from electronics to jute. Some
notable companies headquartered in Kolkata include ITC Limited, Bata
India, Birla Corporation, Coal India Limited, Damodar Valley
Corporation, United Bank of India, UCO Bank and Allahabad Bank
Vijaya Bank. Recently, various events like adoption of "Look East"
policy by the government of India, opening of the Nathu La Pass in
Sikkim as a border trade-route with China and immense interest in
the South East Asian countries to enter the Indian market and invest
have put Kolkata in an advantageous position. |