Hyderabad has transformed into a massive IT investment hub and both central and state governments are playing a crucial role in making Hyderabad the next IT hub by providing all the necessary resources, and support for the evolution of the IT industry.
It is among the major global centres of information technology for which it is known as Cyberabad (Cyber City). It includes the IT-enabled services, Office parks, business process outsourcing, entertainment industries, and financial services. It has a huge talent pool of IT, BT and R&D resources, which are essential inputs for the growth of any knowledge hub. It also has one of the most cost-effective commercial real-estate prices, making it a particularly attractive business destination and offshore centre. It also features a very progressive bureaucracy and has industry and IT policies that are among the simplest within the country.
How does SEZ impact the Hyderabad market?
Special Economic Zones are crucial for generating additional economic activity as well as for the promotion of exports of goods and services. They are also an opportunity to create large-scale employment and lead to the development of infrastructural facilities. Simultaneously, SEZs provide an opportunity for promotion and increment of investments from local and foreign sources.
The development of SEZs promoted several US-based companies to establish their operations in Hyderabad. Major US-based IT companies like Microsoft, Google, Motorola, Oracle, Yahoo, Samsung, HP, Amazon.com, Texas Instruments, GE, Qualcomm, Facebook and many more are in Hyderabad. Also, the major IT services firms of India like TCS, Wipro, HCL, Tech Mahindra and Cognizant have development centres in the city.
With the inauguration of the largest incubation centre for start-ups in Hyderabad called – T hub, where people can walk in with an idea and walk out with a product or a solution promoting entrepreneurship in the state, linking, educating and promoting all entrepreneurship-related stakeholders. The cost and time for opening up a start-up in Hyderabad are by far the most favourable across India.
SEZ statistics of Hyderabad
Hyderabad has several compatible factors to further fuel the growth in the IT sector. It has earned a worldwide reputation as a cosmopolitan city that’s known for its assimilative cultural ethos. Global e-commerce firm Amazon chose Hyderabad as the home for its largest warehouse in the world. Uber is setting up a state-of-the-art facility in Hyderabad, which will eventually be its largest international office with an investment of 49 Million USD. A joint venture of Boeing and Tata established an Aerospace facility in Hyderabad.
The IT exports from Hyderabad stood second in the country at 15 Billion USD in the Financial year 2019-20 improving from previous year $14 Billion USD 17.93% CAGR in Financial year 2018–19
The state also contributes nearly one-third to India’s production and one-fifth to its exports within the pharmaceutical sector. As a pharma and life sciences hub, Hyderabad is predicted to grow up to 100 Billion USD business generator by 2030, up from 13 Billion USD now.
It is visible that Hyderabad is assured to grow on account of several favourable factors for IT growth and it’s nothing but a matter of time before Hyderabad challenges the conventional IT Hubs of India as well as the world.
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