Bangalore: The Modern Face of a Developing Indian Economy
Bangalore is the 5th largest city in India. With a current population of 10,839,725 people, this city is one of the fastest growing metro cities of South India. This wonderful city is officially known as Bengaluru. Over the last few years, it has become a hub for various thriving high-tech industries. With numerous developments and continues progress, this city represents the modern face of the developed Indian economy.
Due to an immense growth in the Information Technology sector, Bangalore has been now referred to as the ‘Silicon Valley of India’. A large number of international and domestic information technology companies have set up their operations in this city. Some of the top-notch IT companies in Bangalore are:
- SAP Labs
- Wipro, etc.
Due to the steady growth in the IT sector over the years, this city has managed to attract over 470 investment projects. Moreover, several migrants from all over the nation have started heading towards this city in search of jobs. According to a study published by the Center for Policy Research, New Delhi in 2013, over 48% of migrants to Bangalore are university graduates and post-graduates.
Real Estate Sector
Not only the IT sector but also the real estate market in Bangalore has grown at an average rate of 5%. An overall growth of 9% has been recorded in both the west and south regions of Bangalore during July-September 2014. Currently, several infrastructural projects such as civic infrastructure, road development and much more are in progress that are keeping the real estate market robust in this city.
The Information Technology industry is the key influencer for the growing housing demand in Bangalore city. Numerous IT companies have already set up their offices in the east. Many new companies are now expanding towards north and south to establish their offices out there.
According to a London-based global management consulting group, Bangalore, followed by Mumbai and Kolkata is amongst the 3 most popular metropolitan cities in India. All these 3 cities are among the rapidly growing cities in AT Kearney’s Global Cities Index. These cities have shown a continued improvement in their scores in information exchange, human capital, business activity and various other key parameters. Being India’s technology hub, Bangalore has become a magnet for technology talent in the country.
The growing demand for talent is leading to a positive impact on salaries. A growth of 15% in remunerations is expected in the near time. Moreover, various clusters in Bangalore will attract the best salary growth rates, especially IT with 14.7% growth, health care and pharmaceuticals with 13% and so on.
Source by Ritu Sharma L