Udupi is becoming a major town in Karnataka. Udupi is the birthplace of the
Syndicate Bank,
Corporation Bank. Udupi's economy also consists of agriculture and fishing. Small-scale industries like the
cashew industry, and other food industries and milk cooperatives are the most prominent. Recently, Udupi is also making its mark in the real estate industry, greatly influenced by its neighboring spearhead
Mangalore. The
Karnataka government had signed a
memorandum of understanding (MoU) with the Cogentrix Light and Power Industry to set up a thermal power plant in the district at
Nandikur. However, because of stiff opposition from citizens and environmentalist groups, the project has been temporarily suspended. An attempt by the Nagarjuna Power Corporation to set up a similar plant at nearby
Padubidri also met strong opposition. Now, the power plant has been set up, generating 1,200 MW of power under the name of Udupi Power Corporation Limited (UPCL), a subsidiary of Lanco Infra, an Andhra Pradesh-based infrastructure major.
Adani Power has taken over from Lanco Infra in 2014 for a sum of . The opposition, however, continues.
Manipal, a suburb of Udupi, is home to the headquarters of Syndicate Bank. It is renowned as an education and medical hub.
Kasturba Medical College and
MIT (Manipal Institute of Technology) are situated here.
TEBMA Shipyards Ltd is located in Malpe harbour complex. It is involved in building multipurpose platform supply vessels (MPSVs), platform supply vessel, geotechnical research vessel, dredgers and tugs for Indian as well as export markets. Udupi has a local
handloom sari industry. Made of pure cotton and lightweight, the sari has art silk design on its border and pallu besides
butta of art silk dotting it. Hard work, low returns, and competition from
power loom has led to a drop in the number of weavers of nearly 95% over three decades. A
geographical indication tag for Udupi sarees is under examination with the Geographical Indications Registry of India. == Transport ==