Economy

John Binny establishes Binny & Co in Madras

Merchant John Binny, in Madras since 1797, established the firm of Binny & Co, one of the city's oldest mercantile houses.

Coffee planting begins at Yercaud

Salem Collector M. D. Cockburn helped start coffee estates at Yercaud in the Shevaroy Hills during the 1820s.

Madras Chamber of Commerce founded

The Madras Chamber of Commerce was set up at the Binny & Co. office by merchants from the Parry, Binny and Arbuthnot firms.

Bank of Madras formed

The Bank of Madras, one of the three Presidency banks, came into being through the merger of several banks in Madras.

First train in South India, Royapuram to Wallajah Road

The Madras Railway opened South India's first railway line, from Royapuram in Madras to Wallajah Road near Arcot.

Spencer's begins trading in Madras

Spencer's started as a small business in Madras in 1864 and grew into what was then the largest department store in Asia.

South Indian Railway Company formed

In 1874 the Great Southern of India Railway merged with the Carnatic Railway to create the South Indian Railway Company, later based at Trichinopoly.

Madras Harbour begins operations

An artificial harbour at Madras began handling ships in 1881, though a cyclone the same year wrecked much of the breakwater.

Kumbakonam Bank, later City Union Bank, incorporated

Kumbakonam Bank Limited was incorporated on 31 October 1904 as a regional bank; it later became City Union Bank.

Collapse of Arbuthnot & Co

The failure of the Madras banking firm Arbuthnot & Co caused the worst financial crisis in the city's history and fuelled support for Indian-owned banks.

Indian Bank founded in Madras

Inspired by the Swadeshi movement, the Indian-owned Indian Bank opened in Madras following the failure of Arbuthnot & Co.

Karur Vysya Bank founded

On 25 July 1916 M. A. Venkatarama Chettiar and Athi Krishna Chettiar started Karur Vysya Bank for the traders and farmers of the Karur area.

Bank of Madras merged into the Imperial Bank of India

The Bank of Madras, one of three Presidency banks, was amalgamated with the banks of Bengal and Bombay to form the Imperial Bank of India.

Nadar Bank founded at Thoothukudi

Founded at Thoothukudi, the Nadar Bank was later renamed Tamilnad Mercantile Bank.

Madras State Aid to Industries Act

The Justice Party government passed a law to advance state loans for setting up industries in the Presidency.

Lakshmi Vilas Bank founded at Karur

Lakshmi Vilas Bank was founded at Karur, one of several private banks started by Tamil business communities in the 1920s.

Indian Overseas Bank founded

M. Ct. M. Chidambaram Chettiar founded Indian Overseas Bank to serve overseas trade, opening at Karaikudi, Madras and Rangoon.

Congress adopts 'socialistic pattern of society' at Avadi

Meeting at Avadi near Madras, the Indian National Congress adopted a socialistic pattern of society as its stated aim.

Tamil Nadu Industrial Development Corporation established

The state government set up the Industrial Development Corporation (TIDCO) to promote large industrial projects.

Madras Institute of Development Studies founded

Economist Malcolm Adiseshiah and Elizabeth Adiseshiah founded the Madras Institute of Development Studies.

Tuticorin major port opened

The new all-weather harbour at Tuticorin began operations as a major port, now known as V. O. Chidambaranar Port.

TASMAC established to handle liquor trade

Formed by the M. G. Ramachandran government, the Tamil Nadu State Marketing Corporation (TASMAC) handled wholesale liquor trade whenever prohibition was lifted.

Madras Export Processing Zone set up at Tambaram

The Union government set up the Madras Export Processing Zone on GST Road at Tambaram to attract foreign investment and boost exports.

Sun TV launched

Kalanithi Maran launched Sun TV, a Tamil general entertainment channel that grew into the Sun TV Network.

Raj TV launched

Raj TV, a Tamil general entertainment channel based in Chennai, was launched, adding to the new private satellite channels in the state.

Tamil Nadu bans the sale of lotteries

The Jayalalithaa government banned the sale of all lotteries in Tamil Nadu, including those run by agencies from other states.

Nokia halts production at Sriperumbudur

Nokia suspended handset production at its Sriperumbudur factory near Chennai after Microsoft ended its manufacturing agreement.

First Tamil Nadu Global Investors Meet

The state held its first Global Investors Meet at the Chennai Trade Centre, signing more than 100 investment MoUs.

Second Tamil Nadu Global Investors Meet

The Palaniswami government held the second Global Investors Meet in Chennai, facilitating 304 MoUs worth about Rs 3 lakh crore.

Ford ends car manufacturing in India

Ford announced it would stop manufacturing in India, leading to the closure of its car plant near Chennai.

Tamil Nadu Global Investors Meet 2024

The DMK government held the third Global Investors Meet in Chennai, focusing on electronics, electric vehicles and renewable energy.