Faridabad Economy-The Faridabad Small Industries Association claims that about 56% of income tax is accumulated in Haryana in Faridabad and Gurgaon districts. Under PM Narendra Modi’s flagship Smart Cities Mission, Faridabad has been selected as one of the hundred Indian cities to be developed as a smart city. It is starting to develop into another technology hub to nurture startups and innovation in Haryana.
Faridabad is the largest exporter of henna (henna) in India. According to the Faridabad Henna Manufacturing Association, henna sales from Faridabad are estimated at Faridabad 250 crores (the US $ 35 million) -300 crores (the US $ 42 million) annually
Faridabad is the industrial capital of Haryana. As of 2013, out of a total of 11,665 registered work factories in Haryana, 2,499 were in Faridabad, followed by 2,116 in Gurgaon. According to a study, Faridabad’s growth has been declining over the last 2 decades, with Faridabad’s share in investment being less than 1% and 93% of the investment in the paper industry. Industrial contribution to Haryana’s revenue from Faridabad declined from 29% to 22% in 2012–13.
Faridabad Escorts Limited, India is home to large companies like Yamaha Motor Pvt. Ltd., Havells India Limited, JCB India Limited, Indian Oil (R&D), Larsen & Toubro (L& T), Eyewear e-tailer Lenskart and healthcare startup Librate are headquartered in Faridabad. Over 5,000 units of auto parts manufacturers are located in Faridabad. Lakhani Armaan Group has set up manufacturing facilities in Faridabad (Haryana).