Bangalore has attained a coveted place in the list of business destinations in India. A recent study said that Bangalore has left Mumbai and Delhi behind in the race to emerge as India’s hottest business destination.
The joint study conducted by the ‘Global Initiative for Restructuring Environment and Management’, an NGO, and a property services company DTZ said that Bangalore has been placed in No. 1 position among a list of top 21 business destinations in India. The city got the rankings based on several criteria including basic quality of living, city culture, human capital and infrastructure.
The study said that Bangalore is presently the best destination for businesses in the country because of its strategic location. The city is situated in India’s southern peninsula. It has the required wherewithal that effectively makes it’s the best place to do business. The city has a welcoming and cosmopolitan culture, high quality education system, abundant office spaces, high quality of talent pool and good connectivity. All these factors have ranked Bangalore as the top city in the country for business.
According to the study, Bangalore has a booming IT sector. The city is among the top to receive business travelers in the country. The resilient real estate markets here make it easy to get commercial office space at highly competitive prices as compared to those in Gurgaon, Mumbai or Delhi. Moreover, Bangalore has also become a strong contender for business investors because of its various transportation and infrastructure projects such as the Biotechnology Park, Namma Metro project, and Express Rail Link to Bangalore International Airport. The study also said that insofar as healthcare services and human capital is concerned the city is marginally good.
The study adjudged Bangalore on various parameters as well including getaways, malls and multiplexes, climate, housing, schools and colleges, health and safety, environment, transportation, water, energy and human capital.
In yet another study conducted by Concur, an integrated travel and expense management company said that Bangalore presently ranks No. 12 among the top 20 most visited global cities for business. The city owing to its burgeoning IT industry has earned the nickname of the “Silicon Valley of India”.
The study pointed out that Bangalore has left international cities like Bangkok, Sydney and Amsterdam behind in the race to become one of the most favored business destinations. The study by Concur gave the rankings to Bangalore based on overnight hotel stays by business travelers and expense data, which were procured from nine nations across the world, including the United States, India, Australia, Hong Kong, Germany, France, Canada and the United Kingdom.
Presently Bangalore has become a high-tech industry in the country because of the presence of domestic IT firms like Wipro and Infosys, along with foreign companies such as IBM and Texas Instruments. The technology firms in the city today account for nearly 35 percent of IT workforce in the country. The city also produces India’s one-third of IT exports. Bangalore is also transforming itself into the fastest urban areas in the country.