Oxford Economics, a UK-based research organisation that focuses on global forecasting and quantitative analysis, has recently concluded in a report that by 2035, 17 of the top 20 fastest growing cities in the world will be from India.
“When future GDP growth rates are compared, the story is mostly very different. In particular, 17 of the 20 fastest-growing cities in the world between 2019 and 2035 will be Indian, with Bengaluru, Hyderabad and Chennai among the strongest performers,” the report reads.
However, it’s the industrial city of Surat, Gujarat, which tops the list for fastest growing cities with 9.17%. This famous centre for commerce will be followed by Agra (8.58%), Bengaluru (8.5%), Hyderabad (8.47%) and Nagpur (8.41%). You can see the list below.
Surat possesses a rich entrepreneurial tradition, particularly its famous diamond, textiles, construction, and a robust IT industry, besides a plethora of informal work opportunities. More than 70% of the city’s residents are migrants.
Cities like Bengaluru, Chennai and Hyderabad are leading the way with their growing tech-driven startup ecosystem. They have also become major tech, manufacturing and financial services hubs.
“While economic output in many of those Indian cities will remain rather small in comparison to the world’s biggest metropolises, aggregated gross domestic product of all Asian cities will exceed that of all North American and European urban centres combined in 2027. By 2035, it will be 17 per cent higher, with the largest contribution coming from Chinese cities,” according to this Bloomberg analysis of this report.
Having said that, not much will change in the list of the top 10 biggest cities in the world. New York will continue to lead the way, followed by Tokyo, Los Angeles, London and Shanghai between 2019 and 2035. Cities like Shanghai and Beijing will muscle out Paris and Chicago for the 5th and 6th spot.
(Edited by Gayatri Mishra)
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