Economy of Hyderabad
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Hyderabad is the capital of Andhra Pradesh, India. The city is the largest contributor to the state's GDP(Gross domestic product) and state tax. In 2011, Hyderabad generated revenues of 700000 million (US$11 billion) and contributed a third of the state's tax revenue. The per capita income of Hyderabad was 44300 (US$680) in 2011. In 2008, the nominal GDP was US$60bn, placing the city fourth in India and 93rd in the world. Hyderabad and its suburbs house the highest number of special economic zones among India's cities. The main economic sectors of Hyderabad are traditional manufacturing, the knowledge sector, and tourism. The service industry is a major contributor. As of 2006, the largest employers of Hyderabad are the governments of Andhra Pradesh and India, with 113,000 and 85,000 employees, respectively. Starting in the 1990s, the economic pattern of the city changed from a primarily service hub to a more diversified economy.
Since its inception in 1591, Hyderabad has been a global trade center in multiple areas, including its status as the world's only diamond market. City-based handicrafts were sold in the Middle East and Western countries. During Nizam's rule in the 1930s, industrial growth started with the establishment of a diversified industrial zone, which grew in parallel with traditional manufacturing. In the 1930s and 1940s, city-based industries started importing technology from the western world for industrial manufacturing. With the introduction of the railways, the city became well connected with the port cities of Bombay (Mumbai), Madras (now Chennai), Calcutta (now Kolkata) and Karachi (now in Pakistan). During the 1950s and 1960s, most of the Indian premier public enterprises—BHEL, NMDC, HMT, BEL, IDPL, ECIL, DRDO and HAL—were established in Hyderabad, changing the economical pattern of the city from a traditional manufacturing to a cosmopolitan industrial service sector.
In the 1970s, the pharmaceutical and electronic industries were established in the city due to its strategic location in south-central India, for which it is known as the gateway to south-central India.</ Since the 1990s, the economic patterns of the city have changed it from a primarily service hub to a more diversified spectrum, with the growth of IT enterprises, and biotech, insurance, and financial institutions, and a strong employment base in ancillary activities such as trade and commerce, transport, storage, communication, real-estate and retail, which employ three times more people than the IT industries. The service industry in this arena remains a dominant, with 90% of the workforce. As of 2005, out of every 1000 people of working age, 770 males and 190 females are employed.
Hyderabad is the World's third best city to visit in 2013 according to Lonely Planet. In March 2012, The Indian Union Tourism Ministry declared Hyderabad as the first ever "Best Heritage City of India". In 2011 the city was ranked nineteenth in the world, by The New York Times in The list of 41 Places to Go in 2011, the only Indian City in the list. Hyderabad is known as the City of Pearls, due to the presence of pearls trading industry—until the 18th century the city was the only global trade center of large diamonds. Many traditional and historical bazaars are located in the city. The Laad Bazaar and nearby markets have shops that sell pearls, diamonds and other traditional ware and cultural antiques.
Hyderabad emerged as a pharmaceutical and biotechnology hub and is known as India's pharmaceutical capital and "Genome Valley of India". In 2008–09, Hyderabad's bio-pharmaceuticals exports reached US$3.1 billion. The south—central location of Hyderabad, and the incorporation of Indian Drugs and Pharmaceuticals Limited (IDPL) in 1961 proved to be a foundation of pharmaceutical industry in Hyderabad, later in 1990's the expansion in the industry took place with the formation of Indian Institute of Chemical Technology, National Institute of Pharmaceutical Education and Research, the Centre for Cellular and Molecular Biology and National Institute of Nutrition along with the regional institutions making Hyderabad the hub of pharmaceutical and biotechnology in India.
The establishment of public sector in biotechnology and the Genome Valley, 'Fab City' and the 'Nano Technology park' established significant infrastructure in bio-technology; these attributes attracted regional companies and MNCs to set up offices, warehouses, research and development centres in the city. In 2012, the city will host the Convention on Biological Diversity (2012 COP 11).
The commercial market structure of Hyderabad is defined into 4 sectors—The Central Business Districts (CBD), the sub-central business centres, the neighbourhood business centres and local business centres. Since 2007, The retail industry in Hyderabad is on the rise, and several central business districts are spread across the city.
Retail and real estate
The World Bank Group ranked the city as the second best Indian city for doing business in 2009. In 2010, the economic analysis group GaWC ranked Hyderabad in its third tier (Gamma+ World City) of cities by importance. In 2011, DTZ ranked Hyderabad as world's third most affordable office location, while Business Today ranked Hyderabad as the fourth best city to live in India. Hyderabad witnessed a high growth in the real estate business, making it among the top five concentrated cities for housing in India. In 2007–08, the city's prime residential areas of Banjara Hills and Jubilee Hills reached the highest growth percentage in India. The Economic Times evaluated Banjara Hills to be worth US$20.7 billion.
Hyderabad is among the global centres of information technology for which it is known as Cyberabad (Cyber City). The city's IT sector includes the IT-enabled services, business process outsourcing, entertainment industries, and Financial services. During 2008–09, Hyderabad's IT exports reached US$ 4.7 billion, and 22% of the NASSCOM's total membership is from Hyderabad. The development of a township with related technological infrastructure called HITEC City prompted global and particularly US—based companies to establish their operations in Hyderabad. The Deloitte, Franklin Templeton Investments, GE Capital, Accenture, HSBC, Bank of America, ABN Amro are some of the financial services companies with offices in the city.
The city is home to more than 1300 IT firms. The major multinational IT firms located in Hyderabad are Microsoft (the largest R&D campus outside the US), Google, CA Technologies, Amazon.com, IBM, Motorola, Samsung, Agilent, Automatic Data Processing, Oracle Corporation, Yahoo!, Dell, Texas Instruments, Hewlett-Packard, Virtusa, Facebook and others. the major Indian firms with development centres in the city are Mahindra Satyam, Infosys, Four Soft, Wipro, Cognizant, Tata Consultancy Services, Polaris and others. The main areas where such IT and ITeS campuses have been set up are Madhapur, Gachibowli, Kondapur and Uppal.
|Wikimedia Commons has media related to Economy of Hyderabad.|
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