As we move ahead into 2021, Hyderabad’s business landscape is rapidly evolving with several industries springing up to make their mark. Here are the top 5 industries that are expected to dominate the local market this year:
1. Information Technology
Hyderabad has long been known as India’s Silicon Valley, with its IT industry contributing significantly to the city’s economy. According to multiple reports, the city is all set to raise $3 billion in IT exports by the end of 2021, with more than 350 firms operating in the city. The government’s proactive approach towards creating a startup-friendly ecosystem has accounted for much of this growth. With the proliferation of startup incubators,e-commerce platforms, and the advent of 5G, the growth prospects for the IT industry in Hyderabad look bright.
2. Pharmaceuticals
Pharmaceuticals are another industry that is making waves in Hyderabad. With global drug manufacturers seeking to set up operations in India, the southern city’s pharmaceutical industry has become the cornerstone of India’s drug manufacturing industry. About 30% of the country’s bulk drug production comes from Hyderabad, which also accounts for 50% of India’s vaccine production. Hyderabad’s quality infrastructure and excellent healthcare facilities make it the primary destination for pharmaceutical companies to set up shop in India.
3. Logistics and Warehousing
As the demand for e-commerce soars, the logistics and warehousing industry is also growing. As more and more people shop online during the pandemic, e-commerce sales have skyrocketed over the past year, drastically affecting the traditional brick-and-mortar retail business. This trend has spurred a need for more logistics and warehousing facilities. Hyderabad is ideally placed to cater to this demand, with world-class infrastructure, air, sea, and land connectivity, and a central location.
4. Biotechnology
Increasingly, Hyderabad has become a hub for biotechnology research. The Biotech industry in Hyderabad is expected to reach $100 billion by the end of this decade, according to industry insiders, encouraging biotechnology start-ups to choose Hyderabad as their home base. Thanks to the city’s conducive ecosystem, a favorable regulatory environment, and India’s vast human capital, Hyderabad’s biotechnology industry has a promising future.
5. Real Estate
This sector was one of the most adversely impacted in 2020 due to the pandemic, with sales plummets by 40%. However, the ongoing economic recovery in Hyderabad has resulted in renewed interest in the city’s real estate sector. Housing demand has rebounded, and infrastructure projects such as metro connectivity and government investments in smart cities are contributing to the real estate sector’s growth. With the influx of migrant workers from other states, Hyderabad’s real estate sector has the potential to boom once again.
In conclusion, Hyderabad’s future looks bright, with these five sectors poised for steady growth in the coming years. While the economy has faced unprecedented challenges in the past year, the government’s measures to stimulate economic growth have buoyed Hyderabad’s commercial and business landscape. An array of lucrative investment opportunities awaits those willing to tap into the city’s high-growth sectors.
