section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  The gross domestic product of Ahmedabad was estimated at $64 billion in 2014. The RBI ranked Ahmedabad as the seventh largest deposit centre and seventh largest credit centre nationwide as of June 2012. In the 19th century, the textile and garments industry received strong capital investment. On 30 May 1861 Ranchhodlal Chhotalal founded the first Indian textile mill, the Ahmedabad Spinning and Weaving Company Limited, followed by the establishment of a series of textile mills such as Calico Mills, Bagicha Mills and Arvind Mills. By 1905 there were about 33 textile mills in the city. The textile industry underwent rapid expansion during the First World War and benefited from the influence of Mahatma Gandhi's Swadeshi movement, which promoted the purchase of Indian-made goods. Ahmedabad was known as the "Manchester of the East" for its textile industry. The city is the largest supplier of denim and one of the largest exporters of gemstones and jewellery in India. The automobile industry is also important to the city; after Tata's Nano project, Ford, Suzuki and Peugeot have established engine and vehicle manufacturing plants near Ahmedabad.
  
  The Ahmedabad Stock Exchange, located in the Ambavadi area of the city, was India's second oldest stock exchange. It is now defunct. Two of the biggest pharmaceutical companies of India — Zydus Lifesciences and Torrent Pharmaceuticals —are based in the city. The Nirma group of industries, which runs detergent and chemical industrial units, has its corporate headquarters in the city. The city houses the corporate headquarters of the Adani Group, a multinational trading and infrastructure development company. The Sardar Sarovar Project of dams and canals has improved the supply of potable water and electricity for the city. The information technology industry has developed significantly in Ahmedabad, with companies such as Tata Consultancy Services opening offices in the city. A NASSCOM survey in 2002 on the "Super Nine Indian Destinations" for IT-enabled services ranked Ahmedabad fifth among the top nine most competitive cities in the country. The city's educational and industrial institutions have attracted students and young skilled workers from the rest of India. Ahmedabad houses other major Indian corporates such as Cadila Healthcare, Rasna, Wagh Bakri, Cadila Pharmaceuticals, and Intas Biopharmaceuticals. Ahmedabad is the second largest cotton textile centre in India after Mumbai and the largest in Gujarat. Many cotton manufacturing units operate in and around Ahmedabad. Textiles are one of the major industries of the city. Gujarat Industrial Development Corporation has acquired land in Sanand taluka of Ahmedabad to set up three new industrial estates.