Hyderabad, which has already established itself as a prominent IT hub, is currently witnessing a surge in the banking, financial services, and insurance (BFSI) sector with reputed organizations and companies making a beeline for the city.
The rapid growth of the BFSI sector in Hyderabad is quite evident from the jump in leasing of office spaces. Noted firms including Cigna Healthcare, Lloyds Bank, Swiss Re, MetLife, DTCC and Ameriprise are some of the prominent names setting up shop in the city.
Telangana’s, particularly Hyderabad’s robust infrastructure, skilled workforce, overall business environment and stable political environment seemed to have been instrumental for the BFSI giants to choose the city for their investments.
About two lakh people are currently employed in this sector. The BFSI sector is fundamental to the economic development of the state as well as the country. Telangana, as the youngest state is keen to position itself as the BFSI hub in the country, home to several global financial companies.
The impact of BFSI’s expansion is evident in Hyderabad’s office leasing activity. In the first half of the current financial year, the BFSI sector emerged as one of the top three occupants of office space, capturing an impressive 30 per cent market share.
The city’s supportive ecosystem is testimony to the growth of the BFSI sector in recent times. Experts believe that this robust ecosystem was not just beneficial for large corporations but also created a fertile ground for burgeoning startups within the BFSI sector.
With a supportive infrastructure and access to talent, the city proved itself to be a breeding ground for innovation across the financial spectrum.
The city’s strategic location, coupled with its commitment to fostering a thriving business environment, is likely to attract even more major players in the coming quarters. This influx will further strengthen Hyderabad’s position as a comprehensive business destination catering to diverse industries.