Business and Economy of DamohWith firm eye on modernizing its economy, today Damoh is slowly but surely taking big steps towards modern day industrialization. Although there is still long way to go to transform its largely agrarian based economy into even semi-industrial economy, but it has all the needed potential to achieve this seemingly ambitious dream. What are these potentials and what are the current characteristics of Damoh economy, all these details and more information have been given below.
Agriculture in DamohStarting with chief characteristic or most dominant sector of the economy, then agriculture is pretty much the main driver of Damoh economy. This shouldn’t be surprising. Since non industrial region’s economy is always driven by agricultural sector. Emergence of organic farming over the years has again revitalized the agricultural sector. Besides, during last few years many nonprofit organizations with the help of government agencies have introduced many modern technologies to revive the agricultural sector. All these developments and efforts have restored much needed hope into agricultural sector. Soybean, rice, blackgram, sorghum, pigeonpea, sesame, chickpea, wheat, lentil, pea and linseed are some of the primary crops grown in this part of Madhya Pradesh.
Industries in DamohDamoh industries mostly consist of small and medium scale industries. But as has been already been mentioned in introduction that Damoh industrial sector does hold immense potential, which can very well put her on path of rapid industrialization. Damoh immense potential lies in its cement production. In fact Damoh already has quite a few large scale cement factories. The most prominent being ‘Mycem Cement LTD (also known as Daimond Cements Ltd’,) a subsidiary company completely owned by German Multinational Company Heidelberg Cement PVT Ltd. Besides, ONGC Pvt Ltd (India’s biggest oil exploration company) in 2012 made major discovery of oil and gas near Nohat town, which has opened new economic avenues for Damoh. As for industrial profile of small and medium scale industries is concerned, then they mostly constitute of Agro based, weaving and dying, wooden based furniture and Leather based industries. Besides, there are many mineral based, steel fabrication and small scale engineering units. Most of these small and medium scale industries are located in Gandhi Ashram Industrial Estate, Marutal Industrial area and semi urban Industrial estate, three prominent industrial estate areas of Damoh District.
Mycem Cement Ltd.
Village Narsingarh and Imlai
Phone no: +91 7601 241301/305,
Fax: +91 7601 241235
Service Sector in DamohSince Damoh service sector is highly unorganized and unregulated, it makes very minimal contribution to its economy. Organized service sector is mostly located in Damoh city and its adjoining towns. With size of organized service sector being extremely small, it can be said that service sector is yet to take off. One way through which size of service sector can be widened is by slowly bringing unorganized service sector into organized service sector, which obviously would be very challenging task.
State Bank of India
Address: Killai Naka, Damoh, Madhya Pradesh - 470661
Phone no: 07812-221662
IFSC code: SBIN0000355
MICR code: 470002402
Address: Ground floor, Hotel rambhog station road, dist. Damoh Madhya Pradesh, pin 470661
Phone no: 07812 - 226618/15/16/17
IFSC code: UTIB0000770
MICR code: 470211051
Bank of India (BOI) Branch
Address: Raja complex, Near minakshi temple, Dhagat chouraha, Damoh - 470661
Phone no: 07812-223159
IFSC code: BKID0009460
MICR code: 470013051
Address: Station Road, Opp. Budhwani Hospital, Damoh - 470661, Madhya Pradesh Phone no: 07812-400633, 513
IFSC code: HDFC0000914
MICR code: 70240661
From all the above information it can be concluded that while currently Damoh economy is far from being at desired stage, but it certainly has potential to do much better. The potential, as pointed out earlier, lies in attracting more investment that can translate in opening of more cement factories, as district is home to huge pile of minerals that support production of quality cement. Besides, discovery of oil and gas wells few years back is nothing short of blessing for district’s economy. And lastly, agricultural sector can’t be overlooked at pretense of modernizing the economy. As agricultural sector will continue to be primary generator of employment for many decades to come.