Economy in KaraikudiKaraikudi, the Chettinad region is located in the center in the Southern India, Tamil Nadu. The place is famous for its cultural and historical artifacts. It's unique architecture, cuisine and agriculture is of utmost importance. Karaikudi's economy grew with the Chettiars. History states that the city's beginning dates back to the early 13th century. This was when the Nattukottai Chettiars migrated to Karaikudi. Eventually Karaikudi became the Chettinad region with 96 villages. The story of the Karaikudi's economic growth is a fantastic one, spanning over several centuries. It revolves around Chettiars and their growth as traders and merchants. They made their entry into banking and finance in the 19th century. The Nattukottai Chettiars controlled the banking sector in India for decades around the turn of the 19th century.
Early Economy in Karaikudi
Today, Karaikudi is a prosperous town because the Chettiars who lived here went to Burma and earned a good amount of money. Since Chettinad was strategically located on the old trade route, the Chettiars to work as traders traders old trade route, the Chettiars to work as traders and moneylenders
in Burma, Sri Lanka, Malaysia, Singapore, Vietnam and other South-East Asian countries. Nagarathars were an exclusive clan, famous for their hard work, enterprise and contributions to the society. The social life of Nagarathars was very unique. The finances of every household was controlled by the women, also known as "Aachis". The clan soon moved from money lending businesses to other professions. Lots of things were exported for building palaces from Burma. Every year several thousand people tend to visit Karaikudi, making it a rich tourist destination.
Banking in KaraikudiIndian Overseas Bank was founded in Karaikudi by M. Ct. M. Chidambaram Chettyar on February 10, 1937. The Bank was created objectively to support the trade of Chettiars. The bank specialized in foreign exchange solutions. Indian Overseas Bank helped the Indian Traders to establish their business in South East Asia. Today, IOB is a nationalized bank.
Roadway projects in Karaikudi
Recently, The Cabinet Committee on Economic Affairs gave its approval for the 2-lane national highway (NH) 210 between Karaikudi and Ramanathapuram stretching for 80 km in Tamil Nadu. Locals of Karaikudi believe that its roadways would connect it with many business cities like Coimbatore and Tiruppur. This would enhance Karaikudi's economy and financial prospects gradually.
Economical Growth in KaraikudiEconomists consider Karaikudi as a developing urban center. The city is visualizing sturdy changes almost every other year. In May 2007, Karaikudi extended its fame and name Internationally. It became a part of UNESCO. Where Karaikudi was made a part of the "Network of Indian Cities of Living Heritage". This made Karaikudi famous amongst many tourists and business owners.
Industry in Karaikudi
Karaikudi has a branch of the Central Electro Chemical Research Institute (CECRI) which is one of the forty national laboratories under the Council of Scientific and Industrial Research in India. The lab is well known for its research in electro-chemical. It has a history that spans by 5 decades. The institute has more than 750 patents and nearly 5,000 research articles. It focuses on industrial growth in various areas like battery, materials science, organic and inorganic electro-chemicals, metal finishing, paints and corrosion prevention.
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