Economy of Mysore
Economic Developments Before Independence
Developments Under Tipu Sultan ReignTipu Sultan who ruled the kingdom between 1782 and 1799 must be credited for his modern trade practices and implementation of new technology. Tipu Sultan has established trade depots in the state and later also established trade depots abroad in Muscat, Jeddah and Karachi to sell products manufactured in Mysore. Tipu implemented the French technology in carpentry, Chinese technology in sugar production.
Developments Under British RuleLater the state monopolized the production of sugar, salt, iron, sandalwood, sandalwood oil. Sandalwood was exported to Persian Gulf countries and China. Before independence the textile industry was flourishing in the Mysore region. The British rule brought major reforms and tax policies improving the economic conditions of masses. With competition from textile manufacturing mills of Scotland, Liverpool and Manchester the home grown textile industry suffered a lot.
The Sandalwood GloryIn 1916, then Maharaja of Mysore Nalwadi Krishna Raja Wodeyar established the famous Mysore Sandalwood Oil Factory which is still leading maker of Mysore sandal soaps and sandalwood oil.
Economic Developments After IndependenceMysore city has seen balanced growth after independence. The main areas that contributed to the economy of the city are the tourism industry, Information Technology (IT) exports and Forest based industries. Some of the major companies based out of Mysore are Infosys, Wipro, Larsen and Toubro Infotech, Bharat Earth Movers Ltd (BEML), Karnataka Silk Industries Corporation (KSIC), TVS, J.K Tyres and many more.
IT SectorSome of the prominent IT names in the Indian industry, Infosys, Wipro and L&T Infotech have their operations in Mysore. Mysore is the second largest city after Bangalore contributing to the economy of the state. During the financial year 2009–2010 Mysore has contributed INR1363 crores (US$275 million) just for IT exports.
Tourism SectorTourism industry is other major contributor to the economy of the city. In 2012 the city attracted 3.1 million visitors. Some of the prominent places to visit in Mysore are Mysore Palace, Brindavan gardens, Bandipur National Park, Lalitha Mahal, Somanathapura etc. The city is also least polluted in the country drawing attraction from both tourists and investors.
Manufacturing SectorManufacturing sector has also seen a rapid growth in the Mysore region especially after independence. Some of the famous companies like BEML, KSIC, Larsen and Toubro have their manufacturing units contributing to the employment and economy of the city.
Agriculture and Other Related Industry SectorsAgriculture played a prominent role in the economy of Mysore right from 13th century. During the period between 2007-2012, Mysore attracted an investment of INR 5.19 billion in agriculture business.
Mysore has always been a key contributor to the economy of Karnataka state in the areas of agriculture, IT, Tourism and manufacturing. The city has been attracting more investors and a lot of Indian and foreign companies are planning to set up their facilities in this beautiful city.