Business and Economy
Bangalore which was once called the Pensioners Paradise is now one of the fastest growing cities in our country. Currently, referred as the “Silicon Valley of India”, the city welcomes new global frontiers and labor force that works in the cyberspace. Just like most of the financial markets of the world, it also operates beyond the reach of our government. History tells that the industrial development of Bangalore began when HMT, HAL, BEL and ITI were established by the govt. of India in 1950’s and 60’s. Establishment of these industries can be traced to the dust free environment of the city within the purlieu of the IISC, Indian Institute of Science.
It is this initiative which brought a highly talented workforce to the city of Bangalore. Today, the city stands as a hub of electronics industry with some medium and small scale industries. Tracing back to the history, the development began after the fifth largest watch manufacturer of the country, Titan, opened its factory in the city in 1988. Currently, it is referred to as the IT hub of India and is visited by huge amount of youth which come in search of job. After Texas Instruments opened its R&D center in the city, Bangalore was recognized as a location for the Indian software industry.
In 1988, Hewlett Packard also made its way to the “Silicon Valley of India” by commencing their business there. HP came to India for establishing a strong base in the Asia/ Pacific regions. Our country has always remained as a strong preference by many MNC’s due to the educational system in India. As a number of industries visited the city of Bangalore, it soon became the “Silicon Valley of India”. Today, it contributes to most of the export of IT business from India.
Much of the credit of the development of industries in Bangalore goes to the policies of the government. First major step from the Karnataka government was in late 1980’s, when it created the electronic city which falls 18 km from Bangalore. Electronic city was created with an aim to adjoin the software and electronic industries to it. A plenty of technology parks were created so that to provide assistance to the hundreds of companies located there. Some of these parks which are most popular include ITPL, Prestige Technology Park, Prestige Blue Chip Software Park, Cyber Park and the Cessna Business Park. Bangalore also saw the creation of special economic zones which emphasized the entrepreneurs to establish their business there.
Sometimes the city is also referred to as the hub of the biotech industries in India and has about 41 per cent of the total 265 industries from our country situated in its premises. An Institute of Bioinformatics and Applied Biotechnology (IBAB) which is presently trying to shape some of the revolutionary scientists of future was initiated by the Biotechnology vision group, ICICI and Biocon. With more than US $100 bn economy, Bangalore becomes a major economic center in India. Presently, it is the largest growing economy in India and is the third largest hub consisting high net worth individuals after Mumbai and Delhi. Some other industries which also rose as a result of the boom located in the IT industry include hotel, FMCG and several allied industries and markets in the city.
Electronic city is one of the classy localities in Bangalore consisting of several industrial parks, software firms and technology parks. All these are spread over an area of about 332 acres i.e. 1.3 square kilometer in Doddathogur, Konappana and Agrahara villages situated outside the city of Bangalore. Credit for the initiation of this city goes to R.K Baliga, first Chairman and Managing Director of Keonics, at the Karnataka Electronics. We can say that the brain child of the creation of Bangalore as an industrial hub and making it the Silicon Valley goes to him only.
Today, Bangalore stands as the largest outsourcing capital of the world and all the credit for this is attributed to the Prime Minister P.V Narsimha Rao and the then Finance Minister of India Dr. Manmohan Singh. Electronic city has a world class infrastructure which carries plenty of industries in her lap such as Information Technology, Hardware Firms, BPOs, Software Firms etc. IT industry commercialized the area attracting a number of business houses and entrepreneurs across the world to some to set up their business houses around it.
As most of the employees who worked in the electronic city preferred to stay near their office, so it also resulted in a boom for the real- estate business. You can always visit the electronics city by buses in Bangalore which are well connected to the city from various parts of Bangalore like Majestic, Krishna Raja Market, Banashankari, Shantinagar and Shivajinagar. Although the creation of the industries has led to growth and improvement in the lifestyle of the people in the Bangalore city but on the other hand it has also resulted in polluting the notable lakes located near and around the electronic city like Rayasandra kere, heelalige kere, Doddanagamangala kere, Gattahalli kere, Veerasandra kere, Chikkatogur kere, hebbagodi kere etc.
List of Major Industries in Bangalore:
Agro Products & Commodities
Iron & Steel
Food & Beverage
Mineral & Metals
Energy & Power
Apparel & Clothing
Gifts & Crafts
Construction & Real Estate
Leather & Products
Electronics & Electrical Supplies
Jewelry & Gemstones
Packaging & Paper
Health & Beauty
Auto Parts & Accessories