Hyderabad is one of India’s most important economic centres and is also gaining much importance in the IT sector. The city is known for its booming IT and IT Enabled Services, Pharmaceuticals and Entertainment industries. Many call centers, Business process outsourcing (BPO) firms, dealing with IT and other technological services were set up in the late 20th century making it one of the major regions for call center setups in India.
The city is the foremost destination for Microsoft Development Centre in India. The growth of Hyderabad’s economy is largely due to the software services. Hyderabad's IT export revenue was Rs.81,450,000,000, an increase of 62% from fiscal 2004. The city is sometime referred to as “Cyberabad” owing to the presence of large numbers of IT Firms in the city.
The Government of Andhra Pradesh gives highest priority to the industrial sector on account of the vital role it plays in balanced and sustainable economic growth. It plays a crucial role in the process of economic development by value addition, employment generation, equitable distribution of national income, regional dispersal of industries, and mobilization of capital, entrepreneur skills and contribution to exports. The state’s industrial policy is very liberal for huge investment in sectors like IT, Biotechnology and Pharmaceuticals. Traditional sectors such as textiles, leather, minerals, and food processing are also being developed for high value addition. Hyderabad being the capital of the state enjoys highest priority for investment.
Areas of Industrial Growth in Hyderabad
* Automobile and Auto Components Industry
* IT Industry
* Textiles and Apparels
* Poultry Farming
* Bulk Drugs and Pharmaceuticals
* Tourism and Entertainment Industry
* Food & Agro processing except traditional industries
* Petroleum, Petro-chemicals
* Chemicals & Fertilizers
* Mineral based industries
* Energy Saving Devices, Appliances, etc.