In a bid to further distribute the growth of India’s booming IT sector, the city of Hyderabad in southern India is set to welcome five new IT parks, which will take up a huge plot of land and about 232,000 square metres (2500000 square feet) of floor space. It's anticipated that the new hubs will open up employment opportunities for over 30,000 professionals in the coming future.
Presently, five industrial parks are located in the area where the new IT parks will be placed in East Hyderabad, and the state government of Telangana has approved the conversion. Official approval to begin the renovation and conversion process in the area has also been handed to Hyderabad’s GRID (Growth In Dispersion) Development programme by Telangana state’s IT minister K. T. Rama Rao, the media reported on Thursday.
The eastern part of Hyderabad already houses several major tech giants, including Infosys and Genpact, and the upcoming IT parks are aimed at attracting more companies to take up space in the city and open up more employment avenues for Indians.
There are other cities in India like Pune and Bangalore, that up till now have been famous for their IT parks, where major national as well as international companies like Google, Microsoft, ITC and the Bank of New York have their India headquarters.
Technology-based investment in India is on the rise. In 2019, India attracted $9.36 billion in investments in the technology sector, as per data compiled by the global start-up data platform Dealroom.co. This was almost double the tech investments received in the year 2018.
In the last two months, 13 global investors have invested $15.33 billion in Reliance Jio- firm owned by world's sixth-richest billionaire, Mukesh Ambani. After Facebook showed interest, global investors like Vista Equity Partners, General Atlantic, KKR, Silver Lake and Mubadala made investments in the company.
Besides India’s appealing tech potential, there are other factors playing a major role in the flow of foreign capital making its way towards India as well.
Amid the global tech war, the Trump administration has been urging industries to replace their China-based manufacturing and distribution facilities. India has been making efforts, with some attractive investment options to emerge as the primary beneficiary in this situation, analysts have noted.
In addition, US President Donald Trump’s suspension on work visas to America, including H1-B visas popular among Indians, has redirected skilled Indian professionals back towards their own country.
Earlier in June, the Indian Commerce Ministry expressed excitement, hoping to rope in all the trained IT professionals who were set to leave for the US this year within the country itself.