Cochin has seen a lot of development over the past few decades. It has posted a GDP growth rate of 8.3% and has today become one of the fastest growing second tier metro cities in India.
 
One of the major industries in Cochin is Oil Refining. Bharat Petroleum Corporation Limited Kochi Refinery is one of the major industries. The Kochi Refineries Limited, formerly known as Cochin Refineries Ltd., is located in Ambalamedu. The prime contractors for the construction of the refinery were Philips Petroleum International Limited. The work was entrusted by them to Pacific Procon Limited. Construction began in March 1964. The Government of India decided to sell its stake in Kochi Refineries Ltd. which is a standalone refinery. BPCL acquired 54.81% shares held by Govt. of India in Kochi Refineries Ltd. Following this merger, the refinery has been amalgamated with Bharat Petroleum Corporation to be known as BPCL-Kochi Refinery.
 
Cochin also has a well established Electronics Hardware Industry. The largest operators in this field are V-Guard industries, the market leader in voltage stabilizers, FCI OEN Connectors and SFO technologies, the largest manufacturer of photonics devices in India. To cater to the electronics hardware industries, the Government of Kerala has decided to invest in a project to build an industrial park called Electronic City spanning an area of 340 acres. A Special Economic Zone has been built by the private operator NeST specifically for electronics hardware and the project has an area of 30 acres.
 
Due to all these developments Cochin has become a hot spot and a lot of people prefer to settle down in Cochin. As a result the real estate Cochin has risen to great heights.