In the ever-evolving landscape of Indian business, Hyderabad has solidified its status as the ultimate destination for global companies seeking expansion. The city’s supremacy was reaffirmed in the first half of 2023, surpassing Bengaluru in the establishment of Global Capability Centres (GCCs). Over 40 international corporations chose Hyderabad to establish or expand their Acceleration Centres, Centres of Excellence, Innovation Hubs, and R&D Centres, a testament to the city’s appeal, reported Dallas-based research firm, Everest Group.
Hyderabad’s ascendancy is not just a statistical win, but it is a narrative of resilience and innovation. The city witnessed an impressive surge in technology jobs, increasing its share from 33% to 44% of India’s total technology employment between 2021 and 2022. Simultaneously, the demand for non-tech services grew, showcasing robust investor confidence, as stated in Everest Group’s blog report. What sets Hyderabad apart is the unwavering government support and proactive engagement between IT and Industries Minister, KT Rama Rao and corporate executives, fostering an environment conducive to business growth.
A stark contrast emerges while comparing Hyderabad with Bengaluru, often hailed as India’s Silicon Valley. Hyderabad’s success can be attributed to a trifecta of factors, Robust government backing, cutting-edge technological infrastructure, and a pool of top-notch talent. In contrast, Bengaluru grapples with the aftermath of an economic downturn, casting a subdued atmosphere over the city. Hyderabad’s charm has transcended its historical popularity in the pharmaceutical sector, now extending its allure to diverse fields, including aerospace, manufacturing, retail, and professional services, attracting Fortune 500 giants.
Hyderabad’s appeal is not confined to industries. It is a hub of diverse services delivered globally through GCCs. Leading corporations like Goldman Sachs, FedEx, and Lloyds Banking Group have chosen Hyderabad as their base for services ranging from engineering and business innovation to cybersecurity and supply chain optimization. Moreover, the city is at the forefront of delivering future technologies like Artificial Intelligence, Machine Learning, Robotic Process Automation, and Augmented Reality, enhancing its global standing in innovation.
One of Hyderabad’s key strengths lies in its education sector, housing globally-recognized institutions like ISB, IIIT, and BITS Pilani. This not only ensures a continuous influx of skilled professionals but also cements Hyderabad’s reputation as an intellectual epicenter.
Crucially, Hyderabad offers an affordable lifestyle without compromising on quality, unlike Bengaluru, plagued by exorbitant living costs and troubling traffic congestion. The city’s trajectory of growth is poised for an upward spiral, thanks to its top-tier talent, world-class infrastructure, and governmental support. The state government’s strategic initiatives have created a favorable business ecosystem, transforming Hyderabad into a beacon of progress in the global business arena.