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.
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.
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.
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.
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.
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.
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