The discovey of oil and gas in Ankleshwar and North Gujarat led to the industrial development of Gujarat in a big way. The Vadodara region is the largest beneficiary in the process of this industrialisation. Gujarat Refinery went into the first phase of production in 1965. The refinery being a basic industry made vital contributions on several fronts at the regional and national levels.
In Vadodara various large-scale industries such as Gujarat State Fertilizers & Chemicals, Indian Petrochemicals corporation Limited and Gajarat Alkalies and Chemicals Limited have come up in the vicinity of Gujarat Refinery and all of them are dependent on it for their fuel and feedstock. Other largest-scale public sector units are Heavy Water Project and Gujarat Industries Power Company Limited. In addition to these public sector enterprises. A number of other large-scale enterprises have come up in the private sector. The products of these industries have wide applications in various sectors of the Indian Economy.
The industrialization of Vadodara has attracted entrepreneurs not only from other parts of Gujarat but also from all over India. A large number of the entrepreneurs come with sound business backgrounds and level of education and technical skills is exceptionally high.