The Emerging City Of Hyderabad, India
Hyderabad is the financial and economic capital of the state of Andhra Pradesh
, and is the largest contributor to the states gross domestic product, state tax and excise revenues. Commencing in the early 1990s, the economic pattern of the city has changed from being a primarily service city to being one with a more diversified spectrum, including trade, transport, commerce, storage, communications and so on. The service industry is now a major contributor, with the urban workforce constituting 90 percent of the total workforce.Hyderabad is known as the city of pearls, lakes and, lately, for its IT companies. It is also is a major centre for pharmaceuticals with companies such as Dr. Reddys Laboratories, Matrix Laboratories, Hetero Drugs Limited, Divis Labs, Aurobindo Pharma Limited, Lee Pharma and Vimta Labs being housed in the city. Initiatives such as Genome Valley, Fab City and the Nano Technology Park are expected to create extensive infrastructure in bio-technology.
Like many Indian cities, Hyderabad has witnessed a remarkable growth in the real estate business, thanks to a predominantly information-technology-driven boom in the 1990s and the retail industry growth over the last few years which have spurred hectic commercial activity. A number of mega malls have come up or are being built in the city.
The retail industry in Hyderabad is on the rise. Many international and national brands have set up retail chains here. The city has multiple Central Business Districts (CBDs) spread across the city. There are many major business/commercial districts, such as the Charminar area and Kothaguda. For the advancement of infrastructure in the city, the government is building a skyscraper business district at Manchirevula, near Rajendranagar with the 450-meter-tall APIIC Tower at its center. The tallest structure in India for residential and commercial purposes is also close by, at the Lanco Hills near Gachibowli.
Hyderabad has established itself as the leading destination for IT and IT-enabled services, pharmaceuticals, call centers and entertainment industries. Many computer software companies, software consulting firms, business process outsourcing (BPO) firms, dealing with IT and other technological services firms have established their offices and facilities in the city.
The development of a township with state-of-the-art facilities called HITEC City prompted several IT and ITES companies to set up operations in the city. An aggressive promotion of growth in this area has led civic boosters to call the city Cyberabad. There have been extensive investments in digital infrastructure within the city promoting the setting up of several campuses by a vast array of companies within the city. This list includes several multinational corporations having established their development centers in Hyderabad. Several countries maintain consulates in Hyderabad, including the United States, Russia, Malaysia, and Turkey, while the United Kingdom and Canada maintain trade offices.
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