The economy of Kochi was worth 49453.29 crores in 2012 - 2013 financial year with a growth of almost 7.5% per annum.
Synopsis
The economy of Kochi can be classified as a business economy with emphasis on the service sector. Major business sectors include construction, manufacturing, shipbuilding, transportation/shipping, seafood and spices exports, chemical industries, information technology (IT), tourism, health services, and banking. The High Court of Kerala is situated in the city. Consequentially, legal services are a major contributor to the economy. To tap the potential of the natural harbour at Kochi further, a marina and an international container transshipment terminal have been built. The city used to house Kerala's stock exchange, the Cochin Stock Exchange. Federal Bank, the fourth largest Private-sector bank in India, is headquartered at Aluva. As in most of Kerala, inward remittances from abroad by Non Resident Indians (NRI) is a major source of income. In the 2009 rankings of ease to start and operate a business, Kochi was ranked sixteenth, above Kolkata Exports and allied activities are also important contributors to the city's economy. Tourism has of late, become a major contributor to the city's income. The Headquarters of the Southern Naval Command of the Indian Navy is situated at Venduruthy about 5 kilometers south of the city centre. The state government has given priority to the establishment of IT and BPO enterprises to exploit the opportunities that have arisen in the field.
Major industries
Chemical industry
Eloor, situated 17 km north of the city, is an island of 11.21 km2 and is the largest industrial belt in Kerala. There are more than 247 industries viz. Fertilisers and Chemicals Travancore (FACT), Travancore Cochin Chemicals, Indian Rare Earths Limited, Hindustan Insecticides Limited and many others manufacturing a range of products like chemical-petrochemical products, pesticides, rare-earth elements, rubber processing chemicals, fertilizers, zinc/chromium compounds and leather products.
Ship building
The Cochin Shipyard in Kochi is one of the largest ship building facility in India. Cochin Shipyard was incorporated in the year 1972 as a fully owned Government of India company. In the last three decades the company has emerged as a forerunner in the Indian shipbuilding & Shiprepair industry. This yard can build and repair the largest vessels in India. It can build ships up to and repair ships up to . The yard has delivered two of India's largest double hull Aframax tankers each of . CSL has secured shipbuilding orders from internationally renowned companies from Europe & Middle East and is nominated to build the country's first indigenously built Air Defence Ship. The Cochin Shipyard also builds ships for the Indian Navy.
Shipyard commenced ship repair operations in the year 1982 and has undertaken repairs of all types of ships including upgradation of ships of oil exploration industry as well as periodical lay up repairs and life extension of ships of Navy, UTL, Coast Guard, Fisheries and Port Trust besides merchant ships of SCI & ONGC. The yard has, over the years, developed adequate capabilities to handle complex and sophisticated repair jobs. Recently Cochin Shipyard won a major repair orders from ONGC. The order for major repairs of three rigs viz Mobile Offshore Drilling Unit (MODU) Sagar Vijay, Mobile Offshore Drilling Unit (MODU) Sagar Bhushan and Jack Up Rig (JUR) Sagar Kiran was secured by CSL against very stiff international competition.
Oil refining
Bharat Petroleum Corporation Limited Kochi Refinery. Kochi also has an oil refinery – the Kochi Refineries Limited (KRL), in Ambalamugal. Formerly known as Cochin Refineries Ltd., was formally registered on 6 September 1963 at Ernakulam. Philips Petroleum International Corporation was the prime contractors for the construction of the refinery. They entrusted the work to Pacific Procon Limited. Construction work started in March 1964 and the first unit came on stream just after 29 months in September 1966. In accordance with the decision of Govt. of India to sell its stake in Kochi Refineries Ltd., a stand-alone refinery with a capacity of 7.5 million tonnes per year, BPCL has acquired 54.81% shares held by Govt. of India (GOI) in Kochi Refineries Ltd. on 26.03.2001 for a total consideration of Rs. 6591 million. Consequent to the merger Order dated 18 August 2006 issued by Ministry of Company Affairs, the refinery has been amalgamated with Bharat Petroleum Corporation, henceforth to be known as BPCL-Kochi Refinery.