India emerging as the fastest growing economy in the world

Moneycontrol
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What comes to your mind if someone asks you about the fastest growing city in the world? Well your answer without any doubt will be New York, London, Japan, Melbourne and many more. But you will be stunned to know that according to annual gross domestic product India is home to top 10 fastest growing cities in the world.

According to research institute Oxford Economics, 17 Of the 20 fastest growing cities in the world between 2019 and 2035 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,” said a report from Oxford Economics.

According to the reports, India’s GDP is projected to expand by 7.6% in 2019-20. India has emerged as the fastest growing economy in the world. India will surpass most of the cities by 2035 in the race of fastest growing economy in the world.

According to Oxford Economics, Surat has emerged as the fastest growing city in the world with the growth rate of 9.7% and GDP 128.6 by 2035.

Surat is considered as the diamond hub of India. It is the diamond processing and trading center with a strong IT sector. With all these reports it is predicted that it will see the annual GDP growth rate of 9.2% from 2019 to 2035.

The city is also well known for its textile industry, which is mainly associated with yarn production, weaving, processing as well as embroidery.

With a predicted growth rate of 8.6% per year Agra has acquired the second spot in the fastest growing economy in the world.

Third spot is given to Bengaluru which will have the expected growth rate of 8.5% per year till 2035. Bengaluru is the Silicon Valley of India with strong IT hub or sector.

Hyderabad, country’s first IKEA store is in fourth place with 8.47% growth. It is another Indian tech hub.

The city is home to over 1500 IT companies, including Apple, Microsoft, Google, Yahoo, Infosys, and Tata Consultancy Services (TCS) among others.

Nagpur has acquired the fifth spot is an emerging metropolis and industrial city in Maharashtra.  It has more than 22,000 Micro, Small and Medium Enterprises (MSME) and is set to be the next IT hub of the country.

Tiruppur average growth is predicted to rise by 8.36% per year between 2019 and 2035. It has about 46 percent of the total cotton knitwear garment exports from the country.

According to the reports, by 2027 the GDP of all the Asian countries will exceed the GDP of North American and European cities for the first time.

As the economy grow and India becomes richer more and more infrastructure will be added to the country. As the country grows, the rising disposable income and better infrastructure are likely to increasing consumption and purchasing power in smaller cities and generate faster growth.

With the increase in growth and infrastructure people will be able to enjoy every aspect of the life. Better living environment will be provided to them.

Although India has dominated the list but the economy of all the states will still remain below the world’s biggest metropolises.

As far as this is concerned, New York will still top the list and will remain the largest economy in world in 2035 with the largest finance & business services sector.

After New York second and third spot will be acquired by Tokyo and Los Angeles and there will be race between London and Shanghai for the fourth spot in 2035.

India’s dominance in the list shows that urban power from west might be shifting to east.

China will overpower every city by 2035 because it will have four cities Shanghai, Beijing, Guangzhou and Shenzhen in the top 10 for GDP.

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