Economy of Asansol depicts the growth in coal industries, and thermal power project. The economy of Asansol is a secondary industrial belt zone. The economy of Asansol is primarily dependent on its steel, coal and railways.
Indian Iron and Steel Company Ltd in Asansol
IISCO (Indian Iron and Steel Company Ltd) is the first steel making unit established in India at present day Kulti. The Burnpur unit of Indian Iron and Steel Company Ltd came up later. The steel plant of Indian Iron and Steel Company Ltd during the 60s and 70s made a name throughout the country and the shares of the company were quoted at London Stock Exchange. However a decade later the company fell into losses until it was revived in 2006 with the merger with Steel Authority of India or SAIL. The modernization at IISCO Steel Plant (named after acquisition by Steel Authority of India Limited) has seen the city develop at a very rapid pace. The steel plant`s capacity will be raised from 0.4 MT of saleable steel to 2.5 MT of saleable steel with the biggest blast furnace of the country coming up of 2.5 MT.
Coal Field of Asansol
The Eastern Coalfields of Asansol which has its headquarters in Sanctoria near Dishergarh has a big presence in the area due to the huge deposits of high quality coal.
However, most of the coalfields of Asansol and surrounding residential colonies are located away from the main city. The nearby coal field areas near Asansol like Ranigunj, Chinakuri and Jamuria are of particular importance for coal blocks. As on 1.4.2012, the total coal reserve in ECL command area up to 600 metre depth is 49.17 billion tons, out of which 30.61 billion tons is in West Bengal and 18.56 Billion is in the State of Jharkhand. The total proved reserve in the state of West Bengal is 12.42 billion tonnes.
Railway of Asansol
Railways in Asansol are a big contributor to the economy of Asansol. Railway was the first employer in the city of Asansol and they are credited with developing the city in late 19th century. Asansol is one of the four divisions of Eastern Railway Zone and among the major revenue generating divisions in Indian Railways. Asansol also has one of the largest locomotive manufacturing units in the world, Chittaranjan Locomotive Works at Chittaranjan. Production at CLW started on 26th January 1950. Currently the Chittaranjan Locomotive Works produces the WAP4, WAP 5, WAP 7, WAG 7 and WAG 9 locomotives.
Other Secondary Business Sectors in Asansol
There are secondary business industrial sectors like Dishergarh Power Supply, Damodar Valley Corporation, Burn Standard Co. which is now a subsidiary of Eastern Railways, Hindustan Cables Limited and cement factories like Burnpur Cement. There is also existence of a big wholesale market. The secondary and tertiary business over here is a source of income for a majority of people. There is another source of income which is the high quality sands taken from the Damodar River Ghats.
