Ankaleshwar today is considered to be the biggest industrial zone of Asia with its innumerous industries that are established here. Some of the very famous chemical, pharmaceutical and textile industries have been set up here. The discovery of oil and gas in Ankaleshwar has led to the industrial development of Gujarat in a big way, thus making Ankaleshwar one of the main reasons for prosperity of Gujarat.
The place is also famous as an important pilgrimage centre of Gujarat. There are four Digamabar Jain temples, the Chintamani Parsvanath temple, the Neminath Mandir; the Adinath Mandir and the Mahavir Swami Mandir.