|Rediff India Abroad Home | All the sections|
Bush's visit augurs well for AP industry
G Naga Sridhar in Hyderabad | March 01, 2006 14:55 IST
Last Updated: March 01, 2006 15:09 IST
After years of playing second fiddle to Bangalore in attracting IT investments, Hyderabad, capital of the southern state of Andhra Pradesh, is hoping that US President George Bush's visit (to the city) would finally mark its coming of age as a hotspot for new and emerging sectors.
After New Delhi, Hyderabad is the only city that figures in the itinerary of Bush and that has given enough reason for the state's industry to cheer and hope that it would trigger a fresh round of development.
"The visit of Bush is happening at a crucial phase when the state is being promoted as a hot destination for investment in software and hardware and will send strong signals to the US investors," Shakti Sagar, managing director, global financial outsourcing services provider ADP Private Ltd, told PTI.
The eyes and wallets of US investors would naturally follow the trajectory of their President's visit and Hyderabad'a IT industry would bask in the global beacon light, he added.
Already, the city is home to names like Microsoft, Satyam Computer Services and pharma major Dr Reddy's.
According to industry pundits, the visit of the then US President Bill Clinton to the city six years ago did trigger a wave of development and also had long-term impact in improving the ratings of the state.
According to MLN Acharyulu, managing director, Qualcore Logic, the infrastructure of city, which had been given a facelift recently thanks to the Congress plenary, is sure to bowl over the visiting dignitary.
The visit might be beneficial for not only the IT sector but also pharma and biotech sectors, feel analysts.
In the recent past, the progress in the biotech sector and the talent pool readily available here has attracted US companies like Nektar Pharma and US Pharmacopoeia to set up their R & D centres.
"There is lot of scope for business growth between US and India. The visit would definitely augur well for the pharma sector," said a source in city-based pharma company, which has considerable stake in the US market.
While the industry is upbeat, the state government too is hoping for some concrete outcome. Besides the rumour mill has it that the US may set up a consulate in city and the government is gearing up to promote the visit as testimonial to its commitment to development.
"We see the visit as the most influencing factor that can bring further US investment in to the state," said a senior official.
Do you want to discuss stock tips? Do you know a hot one? Join the Stockmarket Discussion Group.