The Major contribution to the economy in Solapur is agricultural produce, fruits like grapes, pomegranate etc. The district also consists of medium and small scale industries. Solapur is also the leading centre for handlooms, power looms and cotton mills producing chaddars, (Solapur bed sheets), bath-towels having great durability and novel designs.
The industrial empire of the Kirloskars expanded to Solapur way back in 1900. They set up their factory near Tikekarwadi, thus announcing the industrialisation of Maharashtra to the world. The Foundry with an annual capacity of 40000 MT is a major supplier to Mahindras, Toyota, Piaggio, Escorts, TAFE etc. The company is spread over 74 acres and is home to many species of birds, animals and insects. There are 2 lakes within the premise and is home to the migratory birds all round the year. The company employs more tha 500 employees and is a major revenue earner in the city. It contributes its might to the development of the city. The company is a part of KIRLOSKAR FERROUS INDUSTRIES LIMITED, with its head office at Koppal in Karnataka. The regd office of the company is at Pune.
The Solapur district has the largest industry in Maharashtra for Beedi production. Solapur is also known for its oilseed-market. The other leading industries include: Precision Camshafts Limited, Balaji Amines Ltd., Laxmi Hydraulics Pvt. Ltd., Iconsys India(SiP Market Associate Group)
The dissolution of giant textile mills like Lakshmi Vishnu, Yeshwant, Juni-mill, Solapur etc. had a great set-back on the economy of the city as well as district.
In recent development BF-NTPC Energy Systems Ltd (BFNESL), a JV between forgings maker Bharat Forge Ltd and power generation company NTPC Ltd, has begun work on its manufacturing plant at Solapur in south-eastern Maharashtra. The foundation stone for the new plant was laid on 15th Mar by the Union Power Minister, Mr Sushilkumar Shinde. It is expected to become operational by mid-2012 and involves an investment of Rs 300–350 crore.
Solapur is an under-developed city is due to lack of local and political will power.
Thermax also interested in investing Solapur.