India growth story is a spectacular one with the country contributing 15% of global growth. The booming consumer market and favorable demographic profiles ensure that the India growth story is the most compelling growth story of the decade. Currently, India is placed at the 58th position in the list of 140 economies in the latest World Economic Forum’s Global Competitiveness Report climbing five places from 2017.
A Clean Sweep for India
A research institute Oxford Economics predicts that between 2019 and 2035, the top 10 fastest growing cities by GDP in the world will be in India.
Here’s a look at the top cities that are setting the example:
- Surat: Placed at the numero uno position in the list with an average growth rate of 9.2% during 2019-2035 is Surat, in the western Indian state of Gujarat. Although better known for its diamond processing and trading, Surat has a growing IT sector.
- Agra: Pleasant surprise for the home to the Taj Mahal, the average annual GDP growth rate is pegged at 8.6%.
- Bengaluru: India’s Silicon Valley is expected to register a y-o-y growth of 8.5% during the prediction period of 2019-2035.
The remaining names in the list include Hyderabad (8.47%), Nagpur (8.41%), Tiruppur (8.36%), Rajkot (8.33%), Tiruchirappalli (8.29%), Chennai (8.17%), and Vijayawada (8.16%).
It is heartening to note that all the Indian cities in the list are expected to see the GDP growing at above 8% during the forecast period of 2019-2035.
Scales Tipping Towards the East
The authors of the report also draw attention towards the rising trend of the economic might increasingly tipping from the West to the East. The figures also corroborate this statement with the combined GDP of all the Asian cities exceeding that of North American and European cities put together by 2027. And, by 2035, the difference is likely to become wider at 17%.
However, there’s a caveat. Despite registering impressive GDP growth rates, the economic output still remains relatively low when compared with the global leaders such as New York. The projected growth for the topper in the list Surat is $2.7 billion in 2035, which is miniscule when compared with the $2.5 trillion of New York’s economic output.
The article has been written by Neetu Katyal, Content and Marketing Consultant
She can be reached here.