Business and Economy in NeemuchNeemuch’s economy is an agrarian based economy. Livelihood of most of people is dependent on agriculture. However, there are a fair amount of industries too in the district that are equally contributing to employment and livelihood in the district. With its glorious past and promising future Neemuch has contributed a lot in the making of Madhya Pradesh. Economically also it is contributing a lot in the GDP of the state . Here is a brief business and economic profile of Neemuch .
Agrarian Economy in NeemuchAs mentioned in the introduction itself, agriculture sector drives Neemuch’s economy. The district is bestowed by fertile soil and good annual rainfall that helps agriculture to sustain and grow. Neemuch agricultural sector though is little unique and diverse as compared to other districts. This is mainly because some of the crops grown here are only unique to this district. This includes cultivation of opium poppy and isabgol crops.
Neemuch is in fact one of the largest producers of opium in the entire world, making Opium crop obviously one of the main contributors to district’s annual revenue. Besides, Isabgol crops are also grown in huge quantity here and are equally important contributor to revenue.
Another must mentioned information is that Neemuch is home to one of the largest agricultural product markets in the world. The market is known by the name Krishi Upaj Mandi. Here almost all the popular agricultural products like Wheat, Maize, Groundnut, Gram, Ginger, Garlic, Soyabean, Oured, Mustard and many more are traded at wholesale rates. Soyabean, Wheat, Maize, Mustard are major crops grown in this part of Madhya Pradesh.
Industrialism in NeemuchNeemuch District is comparatively more industrialized than most other districts of Madhya Pradesh. Its industrial growth can be gauged from the fact that it is one of the few districts of Madhya Pradesh that has large scale industries. However, small and medium industries still make up bulk of industries here.
As for large scale industries are concerned, as of today there are only 3 to 4 large scale industries. Another very important factory operating in Neemuch district is a factory dedicated to opium production, which is actually one of the only two opium factories operating in the entire country. Overall, Neemuch’s future in industrial sector is pretty bright. One of the main reasons for this optimism is the newly inaugurated 151 (DC) MW Solar Plant located in Neemuch district, which was inaugurated in 2013. This will surely benefit the existing and upcoming industries in the region.
Import and Export in NeemuchNeemuch’s economy also earns decent amount of annual revenue from exports. Agricultural products obviously dominate the export items, the most prominent product being opium and Isabgol. Besides these two, other exported items are Ashwagandha, ajwain, methidana, coriander, soya products like, oil deoiled cake, soya papar, soya paneer, soya milk, garlic powder dehydration of Onion and ginger, green chilly powder, mashroom, leather garment and artificial jewellery.
Service Sector in NeemuchService sector doesn’t make for much of a share in Neemuch economy. Whatever few service sector companies are there operate mainly in Neemuch city – administrative headquarter and most developed city of Neemuch District. Banking, hospitality, hotel and travel industry are the main driver of Neemuch minuscule service sector. The retail sector also deserves a special mention here, but it is largely unregulated. Nonetheless, it does contribute immensely to district’s revenue.
Overall, Neemuch economy is still driven by agriculture. Nonetheless, there is fair amount of presence of industries too and they surely have a very bright future here. In coming decades industries are surely going to play much bigger role in Neemuch economy and may very well reduce its dependency on agriculture sector. All said and done, one thing is for sure that Neemuch economy will continue to play a paramount role in Madhya Pradesh economy even in foreseeable future.