Thrissur, the Cultural Capital of Kerala, is also considered as a major commercial and business hub of South India. It is said to be the heartland of Kerala's business acumen and home to most every leading Malayali entrepreneurs.[1] The city which is famous for bullion, banking and its business acumen, is the darling of investors in Kerala. Thrissur is also referred as the Golden City of India. It manufactures 70% of plain gold jewellery in Kerala per day. According to a survey, Thrissur city has been placed on 7th among the ten cities in India to reside.[2] According to Registrar of Companies, the period from January 1 to March 31, 2010, 87 companies were registered in Thrissur and stood second in Kerala after Cochin.[3] Thrissur's traditional strength lies in best entrepreneurial and financial capabilities.
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Historians say that King of Cochin, Sakthan Thampuran, invited 52 Syrian Christian families from the neighboring Pandya Kingdom, established them at oottupura or mass feeding centers and encouraged them to do business in textiles.[4] These businessmen, with their traditional flair for trade soon built up Thrissur into the most flourishing centre for internal trade in Kerala. Their financial acumen has been mainly responsible for founding and building up the Kuri system of financing which has now become an all India institution. This has also made Thrissur the most important banking centre in Kerala. The industries of Thrissur contribute largely to the district's and city's economy. The presence of leading industrial houses in Thrissur has boosted the industrial scenario of the area. Though, the city has numerous types of industries in Thrissur.[4]
The economy of Thrissur is largely dependent on industries. In fact, Thrissur is one of the most important industrial centers of the state of Kerala. Industries like textile, timber, coir, fishery industries, agriculture-based industries, tiles industries are present in Thrissur. However the above mentioned industries are not the only sources of revenue for Thrissur. The tourism industry plays an important role in Thrissur's economy. The hotels and resorts and even people renting their houses for the tourists add to the region's revenue.
The presence of many well known schools, colleges, medical and technical training institutes have turned this city into a thriving educational hub of the state. All these activities have brought a boom in the real estate sector of the city. The traditional jewellery makers of Thrissur are also significant contributors to the economy of Thrissur. The bell metal industry is another significant part of the Thrissur economy. The city has emerged as a banking hub of South India. The presence of major nationalized, merchant and foreign banks in Thrissur has turned the city a banker's paradise. All these activities have opened numerous job opportunities for the job aspirants of the city.
Thrissur can also be referred as the gold capital of India, since there is around Rs 700 crore business of gold every year in the city. Almost every major jewellery shop in Kerala has its branches in the city. It is one of the main manufacturing centers of plain gold jewellery in the South India. 70% of Kerala’s jewellery is manufactured at this city. Thrissur is also known as the financial hub of Kerala. It is the headquarters of three major scheduled banks, South Indian Bank, Catholic Syrian Bank and Dhanalakshmi Bank Ltd. There are over 4,200 chit companies around the city doing roaring business. The other industries are diamond polishing and tyre moulding. The first Worker's Indian Coffee House of the state was opened in Thrissur (1957).
Listed companies from Thrissur in Bombay Stock Exchange
As Kerala is known more as a consumer state rather than a producer state, Thrissur also carries the same tag, as retailing is a big business and revenue earner for the city. Jewellery retailing occupies a major part of the retailing business in Thrissur. The city is considered as hub of jewellery and textile business in South India. Most of the jewellery groups have outlets in Thrissur and provide jobs to thousands of people. Kalyan Group, Jos Alukka & Sons, Josco Group, Seemas Wedding Collections, Pulimoottil Silks, Emmanuval Silks, Sree Lakshmi Silks, Fashion Fabrics, Elite Fabrics, Elite Sareee House, Modern Silks, Manshire, Lakshmi Silks, Kalima Collections and Chakola Silkhouse are the few to name.[5]
One of the significant industries of the area, the tile industry of Thrissur employs numerous labors from the state and outside. The Thrissur tile industry is more than a hundred years old. Over the years the tile industry in Thrissur has witnessed many rise and fall but it has managed to withstand the bad times. Today, Thrissur can boasts of 160 tile factories making it one of the biggest hubs of southern India. The tile industry of Thrissur is aided by the presence of clay suitable for making tiles. The main centers of Tile Industry in Thrissur are in Karuvannur, Pudukad, Ollur and Amballur. The tile industry has acquired Italian technology to improve the quality and production of tiles. The tile industry provides many jobs to the local people of the city.
The main strength of Thrissur's economy is its financial capabilities. The banking system in Thrissur have been accredited for the effective disbursement of credit to the various sectors of the Kerala society. It had played a big role in Kerala's economy from the earlier part of 1800's. It was started by Christian traders in the form of Chit fund. Gradually, Chit fund contributed much to the development of the banking industry in Thrissur. [6][7] According to Reserve Bank of India, Thrissur in the 1930s boasted of head offices of 58 banks and was recognised by RBI as 'Banking town of India.[6][7] Now, Thrissur boast the headquarters of four scheduled banks in Kerala, South Indian Bank Ltd, Catholic Syrian Bank, Dhanalakshmi Bank and Lord Krishna Bank. The city also is the headquarters of Manappuram General Finance and Leasing Ltd, Kerala State Financial Enterprise and ESAF Microfinance and Investments, leading non-banking finance companies in India. According to Reserve Bank of India, Thrissur in the 1930s boasted of head offices of 58 banks and was recognised by RBI as 'Banking town'. According to All Kerala Kuri Foreman's Association, Kerala have around 5,000 chit companies, with Thrissur accounting for the maximum of 3,000. These chit companies provide employment to about 35,000 persons directly and an equal number indirectly.[8][9][10]
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Thrissur is also emerging as the largest hub for Ayurvedic drug manufacturing industry in the India. Out of the 850 ayurvedic drug-manufacturing units in Kerala, about 150 units, including some of the major ayurvedic drug manufacturers in the state are located in and around the Thrissur. Of these, some of the companies like the Oushadhi, Vaidyaratnam Oushadhasala, KP Namboodiris, Sitaram Ayurvedic Pharmacy Ltd, Kandamkulathy Vaidyasala, SNA Oushadhasala etc. are among the leading ayurvedic drug manufacturers in the state.[11]
Thrissur Ayurveda Cluster, anonther initiative by a group of Ayurvedic manufacturers of Thrissur, has developed an cluster in KINFRA Park in Koratty in Thrissur District. The cluster is meant for a comprehensive development of Kerala brand of Ayurvedic products and train the manufacturers of Ayurveda products on the importance of safety, quality and efficacy. The cluster have all the state-of the-art facilities for testing and analysis, process product validation, safety study and manufacture. The cluster is approved by the Department of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy (AYUSH).[12][13][14][15][16]
The prosperous textile mills have made the textile industry of Thrissur a leading industry in South India. At present there are six such mills in Thrissur. The textile mills in Thrissur are Kerala Lakhsmi Mills in Pullazhi, Sitaram Spinning and Weaving Mills at Thrissur, Rajgopal Textiles and Kunnat Textiles. Mainly hosiery products are manufactured in most of these mills. Thrissur is one of the leading producer of hosiery end products in the Kerala. Popular as sewing threads, Vaiga is sold in every corner of the country. The first mill in Thrissur was the Sitaram Spinning and Weaving Mills. It was established in 1909 but was devastated by fire in 1953. However, it was soon reorganized and today it is one of the main textile plants of the area.
Thrissur is the hub of gold business and gold jewellery manufacturing in Kerala and South India.[17] All major jewelleries in Kerala have branches in Thrissur. Gold jewellery in Thrissur is well known for its world class craftsmanship and exquisite dexterity craftsmanship.
The units are located in Kapiparambu, Tholur, Adat, Choondal and Avanur panchayats in Thrissur District. There are around 75 units employing around 5,000 people. The diamond polishing work was brought to Kerala by PK Sankunni in 1964 from Mumbai. It flourished in these panchayats, providing employment to many in their own villages. There is flexibility in the working hours as the workers are living near the units.
According to estimates, around a million people around the world witness the annual Thrissur Pooram (temple festival). The two main participants of the 36-hour festival, Thiruvambadi and Paramekkavu temples, spend about Rs 1.2 crore on the festival.[18] Hotels and flats in the town give rooms and terraces for people to witness the festival on rent, charging Rs 750-1,000 per person. Liquor sales, too, see an increase during the festival. Sales through the various liquor shops and bars in the Thrissur town were worth around Rs 72 lakh on the Pooram day alone in 2008, according to officials of Kerala State Beverages Corporation, the government-owned liquor retailer in the state.[18]
Real estate is one of the sunshine sectors of Thrissur economy. Land availability, image of a clean and green city, good law and order situation, presence of reputed educational institutions and tremendous scope for promoting tourism industry are the pillars of Thrissur's real estate hopes. With Kochi becoming more and more congested day-by-day, in due course of time Thrissur is expected to see a spurt in the number of property buyers. Thrissur has always been a favourite among builders of repute as it makes for a unique blend of North and South. Further, the tourist traffic to the adjoining Guruvayur temple is demanding an increase in accommodation facilities.
Leading property developers like Southern Investments, Thrissur Builders, Cheloor Group, Jos Alukkas Group & Developers, Maya Realtors, Skyline Builders and Sobha Developers Limited are the major players. According to real estate consultants Cushman & Wakefield, the presence of a number of educational institutions, leading hospitals are instrumental in driving the demand for residential property. A Cushman report says that the availability of land and preference to villas have convinced developers to go in for niche products, even though apartments are coming up in key locations where land is scarce.[19]
Thrissur is also known for its Kuries or Chit companies. Around 2,000 such companies are located in Thrissur city itself both government and private. These Kuri companies have played a major role in developing Thrissur city in to economic hub in South India.