Overall Allahabad has a very stable and diverse economy comprising various sectors such as State and Central government offices, education and research institutions, real estate, retail, banking, tourism and hospitality, agriculture based industries, railways, transport and logistics, miscellaneous service sectors, and manufacturing. Average Household Income of the city is US$2,299.

The construction sector is a major part of Allahabad’s economy. Secondary manufacturers and services may be registered or unregistered; according to the third All India Census for Small Scale Industries, there are more than 10,000 unregistered small-scale industries in the city. An integrated industrial township has been proposed for 1,200 acres (490 ha) in Allahabad by the Dedicated Freight Corridor Corporation of India.

The city is also home to glass and wire-based industry. The main industrial areas of Allahabad are Naini and Phulpur, where several public and private sector companies have offices and factories. Bharat Petroleum Corporation Limited, India’s largest oil company (which is state-owned), is constructing a seven-million-tonnes-per-annum (MTPA) capacity refinery in Lohgara with an investment estimated at ₹62 billion. Allahabad Bank, which began operations in 1865, Bharat Pumps & Compressors and A. H. Wheeler and Company have their headquarters in the city. Major companies in the city are Reliance Industries, GE T&D, ITI Limited, BPCL, Dey’s Medical, Food Corporation of India, Raymond Synthetics, Triveni Sheet Glass, Triveni Electroplast, EMC Power Ltd, Steel Authority of India, HCL Technologies, Indian Farmers Fertiliser Cooperative (IFFCO), Vibgyor Laboratories, Geep Industries, Hindustan Cable, Indian Oil Corporation Ltd, Baidyanath Ayurved, Hindustan Laboratories and Allahabad Enterprises. The city is also headquarters of Central Organisation for Railway Electrification.

The primary economic sectors of the district are tourism, fishing and agriculture, and the city is a hub for India’s agricultural industry. In case of Agriculture crops Paddy has the largest share followed by Bajra, Arhar, Urd & Moong in declining order during the Kharif season. In Rabi, Wheat is pre dominant followed by pulses and oilseed. Among oilseed crops, Mustard has very less area under pure farming and is grown mainly as a mixed crop. Linseed dominates the oilseed scenario of the district and is mainly grown in Jamunapar area. In case of pulses gram has largest area followed by pea and lentil (masoor). There is fairly good acreage under barley.