When we hear about the world’s wealthiest cities, it reminds us of New York, Tokyo, Los Angeles and London. However, after reading the article, you’ll get a good impression of India and start admiring the country more than ever before even if you are a foreigner.
Based on the annual gross domestic product (GDP) growth, Asian cities especially those in India are indeed ticking ahead of other urban economies.
Yes, the top ten fastest growing cities are all in India. According to research institute Oxford Economics, all the top 10 fastest-growing cities by gross domestic product between 2019 and 2035 will be in India.
Surat which is a large city in the northwestern state of Gujarat, will have the fastest economic growth in the world.
The reports adds, saying that Surat is popular as a diamond processing and trading centre besides having a strong IT sector, estimating that the city will see an average annual GDP growth rate of 9.2% from the current year to 2035.
The report throws light on the second place, tipping Agra to follow next on the list. The home of the Taj Mahal will grow by 8.6% year on year as per the report.
Coming to the third place is Bengaluru. It is known as India’s Silicon Valley because of its expanding tech and start-up scene will increase 8.5% year on year by 2035
Hyderabad is in fourth place with 8.47% growth. It has a tech hub and is also home to India’s first IKEA store.
According to the estimation, as early as 2027, the overall GDP of all Asian cities will surpass North American and European cities together. By the year 2035, it will be 17% higher.
In the latest economic forecast, the IMF says that India’s economy is set to grow even faster than China’s in 2019 and that too at a rate of 7.4% in 2019 compared to China’s 6.2%.
With a convincing demographic profile, possessing a large and expanding consumer market, India is on its way to become the most compelling growth story of the decade.
India now makes up 15% of global growth, powered by reforms, foreign investment and strong domestic demand.
India now ranks 58th out of 140 economies in the World Economic Forum’s latest Global Competitiveness Report, up five positions from 2017.
India has done extremely well in terms of innovation capability. On the dark side, corruption is still a problem, disrupting business along with some difficulty in accessing finance and high tax rates.
Despite the speed of growth of Indian cities, they still remain relatively small in case of economic output.
Surat is estimated at $2.7 billion GDP in 2035 and then comes New York’s $2.5 trillion followed by Tokyo’s 1.9 trillion.