Economy of Assam
- 63 percent of Assam earns its living from the sector of Agriculture. Assam is well known for its production of Tea in all over the world. Assam produces 15 percent of the tea in the world.
- A major section of the labor force is employed in the segment of the Tea estates in Assam, which covers a large section of the state. Other Agricutural produce involves rice, sugarcane, pulses, potatoes and jute. Fruits like mangoes, bananas, pineapple and guavas are also produced in the state.
SOME OF THE OTHER INDUSTRIES OF THE STATE ARE MENTIONED BELOW:
- Fisheries
- Sericulture
- Forest and wood industry
- Chemicals and fertilizers industry.
- Handloom and textile industry
AGRICULTURE
- In Assam, Agriculture largely depends on the availability of funds. Banks ensure that loans are available to the agricultural sector at simple and easy rates of interest . State’s Infrastructure supports the marketing of the produce of the agricultural sector.
BANKING
- In Assam, Social Banking policies are motivated by the prospering network of Scheduled Commercial banks that act as a push to the core sectors of the economy. The Regional Rural Banks that are escalating fast through the state are an offshoot of the Scheduled Commercial Banks.
BUSINESS
- In Assam, Business is mainly related to the silk and tea that are produced in large amounts. There is a large amount of revenue and investment involved in the business related to packaging and production of silk and tea.
FISHERIES
- Assam’s department of fisheries aims to promote and develop economic farming of fish. This branch of the state government wants to promote the idea of producing fish commercially in almost all the water bodies in the state.
Oil and Gas
- Assam is a major producer of crude oil and natural gas in India.Most of the oilfields of Assam are located in the Upper Assam region of the Brahmaputra Valley. Assam has four oil refineries located at Guwahati, Digboi, Numaligarh and Bongaigaon with a total capacity of 7 MMTPA (Million Metric Tonnes per annum). Bongaigaon Refinery and Petrochemicals Limited (BRPL) is the only S&P CNX 500 conglomerate with corporate office in Assam.
Other Industries
- Apart from tea and petroleum refineries, Assam has few industries of significance. Industrial development is inhibited by its physical and political isolation from neighbouring countries such as Myanmar, China and Bangladesh and from the other growing South East Asian economies.
- Although having a poor overall industrial performance, there are several other industries, including a chemical fertiliser plant at Namrup, petrochemical industries at Namrup and Bongaigaon, paper mills at Jagiroad, Panchgram and Jogighopa, sugar mills at Barua Bamun Gaon, Chargola, Kampur, cement plant at Bokajan, cosmetics plant of Hindustan Unilever(HUL) at Doom Dooma, etc. Moreover, there are other industries such as jute mill, textile and yarn mills, silk mill, etc. Unfortunately many of these industries are facing loss and closer due to lack of infrastructure and improper management practices.
Good Read: https://en.wikipedia.org/wiki/Economy_of_Assam#Oil_and_Gashttps://en.wikipedia.org/wiki/Economy_of_Assam#Oil_and_Gas