Other than the region in San Francisco Bay area of California in the U.S., Bengaluru is also known as the 'Silicon Valley of India', which houses a large number of information technology (IT) companies. While San Jose is the largest city in the original Silicon Valley, there are other cities such as Palo Alto and Sunnyvale. It was in the Valley, that the silicon-based integrated circuit, the microprocessor, among other technologies, were developed, accounting for the name.
Bengaluru’s nomenclature was triggered off quite innocuously in 1985 when Texas Instruments (TI) set up a software development centre. During this time, Bengaluru was home to few Indian government-owned electronics companies, notably, Bharat Electronics. Now, Bengaluru comprises of just one city unlike the U.S., which is home to two of India’s better known IT companies, Wipro and Infosys. The city is also home to some 35% of India’s IT professionals.This has triggered real estate boom, with IT professionals largely forming part of the middle-and-upper class eyeing for housing projects. It has also created rental income for the local populace.
This boom can be seen in the hundreds of new buildings in the city catering to burgeoning commercial and residential needs. Such construction is also currently in-and-around places such as Whitefield, Electronics City, Yelahanka and Thanisandra, to name a few, which were once considered to be the outskirts of Bengaluru. Truly, IT has brought a Midas touch to the city, pushing the commercial Grade A stock of the city to over 150 million from 115 million, in just 3 years. While the localities mentioned have scores of office and residential hubs, a thriving realty market is amply evident everywhere else across Bengaluru as well.
Bengaluru is said to account for a significant part of cutting-edge work in IT in emerging technologies such as artificial intelligence and blockchain. Talent from elsewhere in India also continues to flow into the city, partly accounting for the increasing number of patents being filed. Consistently, accounting for over 30% of Pan-India commercial leasing, Bengaluru is poised to retain the Silicon Valley of India tag in future.