Economy Of Hyderabad

Hyderabad is the financial, economic and political capital of the state of Andhra Pradesh. The city is the largest contributor to the state's gross domestic product, state tax and excise revenues. Hyderabad ranks 93rd (as of 2008) in the List of richest cities in the world by GDP (PPP) with US$60 bn and sixth in India. In terms of GDP per capita (PPP), Hyderabad ranks 4th in India with US$6,428. The workforce participation is about 29.55%. Starting in the 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, communication etc.Service industry is the major contributor, with urban workforce constituting 90% of the total workforce. Hyderabad was ranked the 2nd best Indian city for doing business in 2009.

Hyderabad is known as the city of pearls, lakes and, lately, for its IT companies. The bangles market known as Laad Bazaar is situated near Charminar. Products such as silverware, saris,Nirmal and Kalamkari paintings and artifacts, unique Bidri handcrafted items, lacquer banglesstudded with stones,silk ware, cotton ware and handloom-based clothing materials are made and traded through the city for centuries.

Hyderabad is a major centre for pharmaceuticals with companies such as Dr. Reddy's 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 high growth in the real estate business, thanks to an 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. Real estate demand in the suburban and rural areas surrounding Hyderabad has gone up exponentially leading to a rapid increase in prices over the past few years. Jubilee Hills, Banjara Hills and Himayath Nagar areas are considered the posh residential areas of Hyderabad.

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 from the older Charminar area to newer Kothaguda. For the advancement of infrastructure in the city, the government is building a skyscraper business district at Manchirevula, near Rajendranagar with a 450 m supertall structure APIIC Tower at its centre. Also, the Lanco Hills near Gachibowli presents the tallest structure in India for residential and commercial purposes.

The largest employers in Hyderabad are the Andhra Pradesh Government and the Government of India with 113,098 and 85,155 employees respectively.

Information technology industry

Hyderabad has established itself as the leading destination for IT and IT-enabled services, pharmaceuticals call centres and entertainmentindustries. 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 since the 1990s.

The development of a township with related technological infrastructure called HITEC Cityprompted 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 centres in the city. Major areas where such campuses have been set up are Madhapur, Kondapur, Gachibowli and Uppal.

Several Fortune 500 corporations, mostly related to IT or BPO services industry. Microsoft (with its largest R&D campus outside the US), Oracle Corporation,Capgemini, Accenture, ADP, Agilent, Alcatel Lucent,Amazon, AMD, AT&T, Bank of America, Computer Associates, CSC, Convergys, Dell, Deloitte,DuPont, Electronic Arts, Facebook, Fidelity Investments, Franklin Templeton, GE, Google,Hewlett-Packard, Honeywell, Hyundai, IBM, Motorola, Nvidia, Qualcomm, Rockwell Collins, SAP AG, UBS AG, Verizon, Virtusa, Wells Fargo have a significant presence in Hyderabad.

Major Indian IT Corporations such as Mahindra Satyam, HCL, Infosys, Wipro, Patni Computer Systems, Cognizant Technologies, Tata Consultancy Services, Persistent Systems and Polaris Software Lab Limited also have development centres in the city.

Facebook is setting up an office in the city soon.