The economy of Kochi was worth 49453.29 crores in 2012 - 2013 financial year with a growth of almost 7.5% per annum. Synopsis The economy of Kochi can be classified as a business economy with emphasis on the service sector. Major business sectors include construction, manufacturing, shipbuilding, transportation/shipping, seafood and spices exports, chemical industries, information technology (IT), tourism, health services, and banking. The High Court of Kerala is situated in the city. Consequentially, legal services are a major contributor to the economy. To tap the potential of the natural harbour at Kochi further, a marina and an international container transshipment terminal have been built. The city used to house Kerala's stock exchange, the Cochin Stock Exchange. Federal Bank, the fourth largest Private-sector bank in India, is headquartered at Aluva. As in most of Kerala, inward remittances from abroad by Non Resident Indians (NRI) is a major source of income. In the 2009 rankings of ease to start and operate a business, Kochi was ranked sixteenth, above Kolkata Exports and allied activities are also important contributors to the city's economy. Tourism has of late, become a major contributor to the city's income. The Headquarters of the Southern Naval Command of the Indian Navy is situated at Venduruthy about 5 kilometers south of the city centre. The state government has given priority to the establishment of IT and BPO enterprises to exploit the opportunities that have arisen in the field. Major industries Chemical industry Eloor, situated 17 km north of the city, is an island of 11.21 km2 and is the largest industrial belt in Kerala. There are more than 247 industries viz. Fertilisers and Chemicals Travancore (FACT), Travancore Cochin Chemicals, Indian Rare Earths Limited, Hindustan Insecticides Limited and many others manufacturing a range of products like chemical-petrochemical products, pesticides, rare-earth elements, rubber processing chemicals, fertilizers, zinc/chromium compounds and leather products. Ship building The Cochin Shipyard in Kochi is one of the largest ship building facility in India. Cochin Shipyard was incorporated in the year 1972 as a fully owned Government of India company. In the last three decades the company has emerged as a forerunner in the Indian shipbuilding & Shiprepair industry. This yard can build and repair the largest vessels in India. It can build ships up to and repair ships up to . The yard has delivered two of India's largest double hull Aframax tankers each of . CSL