Business and Economy of ImphalThe economy of Imphal like the other northeastern region is agrarian. Imphal is the primary business hub of the state of Manipur and different organizations and major business groups are located in this region. Around 39% of the people of this region are engaged in agriculture and allied activities and the other 69% are engaged in non agricultural sector. Some other elements that contribute to the economy of this region include logging, weaving, handloom, handicrafts, forest products, mining, industries and tourism. In the last few years, the economy of this region has faced a slow growth rate. As a result the Manipur government has started to set up more and more industries in the region and also has taken pains to develop the infrastructure.
Imphal although away from the mainland of India has many opportunities and advantages for investment. There are several sectors with adequate potential for attracting investors. Some of the sectors are mentioned below:
Agriculture in Imphal
Agriculture is the backbone to the economy of Imphal. More than half of the population of this place is engaged in agriculture. We can say that almost all the businessmen of this place are engaged in agricultural activities. The climatic condition of this region is also favourable for growing almost all types of crops. Imphal produces a large quantity of paddy, maize, pulses, wheat, and oilseeds like groundnut, mustard, sunflower and soybeans.
Turmeric, Ginger, and fruits & vegetables, like lemon, pineapple, orange, banana, plum, papaya, cabbage, cauliflower, carrot, peas, tomato, and pumpkin are also produced in this region. Cultivation is done in this region through processes like jhum cultivation and terrace farming. The agriculture sector contributes a considerable amount of revenue to the economy of Imphal.
Industries in ImphalAlthough the industrial sector of this region is not developed much, yet it contributes to the economy of this place. The government of the state is also making efforts to develop the industrial sector of the region. Around 7,700 small scale industrial units have been set up. Also industries dealing in plastic, cement, pharmaceuticals and drugs and steel have been established. Border trade with Myanmar has also contributed towards the development of the industrial sector of Imphal.
Handloom and Handicraft Industry in ImphalHandloom industry like agriculture also contributes a good amount of revenue to the economy of the state. Handloom and Handicraft industry is the largest cottage industry of Imphal. It acts as a major source of income for the people of the state, especially women. The handloom items from this part of the country are bed sheets, tablecloth, sarees, towels, curtains, fashion garments with unique designs, woolen shawls, scarves, etc.
Handicraft industry comprises of products made of bamboo and cane. Since cane and bamboo are available abundantly, basketry has been the most popular occupation of the people of Imphal. All these handicraft items are in great demand among domestic as well as international buyers.