Economy of Hyderabad
[4][5] 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.
[6][7] 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.
[8][13][14] Since the 1990s, the economic patterns of the city have changed it from a primary service hub to a more diversified spectrum,[2] with the growth of IT enterprises, 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.
[25][26] The Laad Bazaar and nearby markets have shops that sell pearls, diamonds and other traditional ware and cultural antiques.
These attributes attracted regional companies and MNCs to set up offices, warehouses, research and development centres in the city.
[41] Hyderabad witnessed a high growth in the real estate business, making it among the top five concentrated cities for housing in India.
[12] 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.
[44] The Deloitte, Franklin Templeton Investments, GE Capital, Accenture, HSBC, Bank of America, ABN AMRO, S&P Global, Ernst & Young, KPMG, Capgemini, Genpact are some of the financial services companies with offices in the city.
[51][52] The major multinational IT firms located in Hyderabad are Microsoft (the largest R&D campus outside the US), Google, Thoughtworks, CA Technologies, Amazon, IBM, Motorola, Samsung, Agilent, ADP, Oracle Corporation, Yahoo!, Dell, Texas Instruments, Hewlett-Packard, Virtusa, Kewill, Facebook and others.
[46][53][54][55] The major Indian firms with development centres in the city are Tech Mahindra, Infosys, Wipro, Cognizant, Recykal, Tata Consultancy Services, Polaris, and others.
[60] The union government has given in-principle approval on Sept 8th, 2012 for the Information Technology Investment Region (ITIR) for development of self-contained integrated knowledge clusters for growth of IT and electronic hardware manufacturing in 50,000 acres in and around Hyderabad.
[61] The project which is modeled along the lines of Shenzhen SEZ in China, is aimed at attracting an investment of Rs 2.19 trillion ($44 billion) in the IT, ITES and electronics sectors and providing direct employment to 1.5 million people.
