India to have 17 out of 20 fastest-growing cities globally between 2019-2035: Report – Moneycontrol.com
In the next 16 years, India will dominate the list of fastest growing cities in the world, according to a study by Oxford Economics.
“17 of the 20 fastest-growing cities in the world between 2019 and 2035 will be Indian, with Bengaluru (Bangalore), Hyderabad, and Chennai among the strongest performers,” the report said.
Topping the list is Surat which is a major diamond trading and processing centre and also has a strong presence of IT companies.
Second on the list is Agra followed by Bengaluru and Hyderabad. Other cities in the top 10 ranks include Nagpur, Tirupur, Rajkot, Tiruchirappalli, Chennai, and Vijayawada.
In terms of GDP in 2035, Bengaluru, Mumbai and Delhi figure in the top 10 list with projected GDP growth at 8.5 percent, 6.6 percent, and 6.5 percent respectively.
According to the report, Bengaluru which is known as a technology hub will grow rapidly. Hence, it tops the list of world’s top 10 cities in 2035 in terms of GDP growth.
“By 2035, the combined GDP of Indian cities will still be very small compared with the Chinese (or indeed, North American and European) cities. However, in terms of GDP growth, it is Indian cities that are the star performers in our forecast,” said Richard Holt, head of global cities research at Oxford Economics in a report by The Times of India.
The report by Richard Holt says that in 2027, the aggregate GDP of all Asian cities in the forecast will for the first time exceed the combined GDP of all North American and European cities.
By 2035, the report projects, it will be 17 percent higher, with Chinese cities alone generating more output than all cities in either North America or Europe.
However, New York will remain the largest urban economy in the world in 2035 with the largest finance & business services sector.
It will be followed by Tokyo and Los Angeles, with Shanghai tied with London for fourth place. Paris will slip in the GDP rankings, the report added.