17 of the world’s 20 fastest-growing cities between 2019 and 2035 will be Indian, says study

study(Photo Source: wikimedia.org)

• Over 17 of the 20 fastest-growing cities across the globe through 2035 will be Indian, said a report by Oxford Economics.
  
• Surat, a commercial center for textiles in Gujarat, will witness the fastest GDP growth, by an average exceeding 9% year-on-year.
  
• However, in comparison to the world’s biggest metropolises, India’s economic output is expected to remain small.
  

Indian cities will make up most of the fastest-growing cities in the world between 2019 and 2035, considering the year-on-year Gross Domestic Product (GDP) growth, said a report by Oxford Economics. Over 17 of the 20 top cities on the list will be Indian.

The report said that Indian cities including Bengaluru, Hyderabad, and Chennai will be among the strongest performers across the globe.

According to a Bloomberg report that cited Richard Holt, Oxford’s head of global cities research, India will dominate the top 10 cities in terms of economic growth over the span of 20 years. Surat, a commercial center for textiles in Gujarat, will witness the fastest GDP growth by an average exceeding 9%.

The top 10 cities to make up to the fastest growing cities globally include Surat (9.17%), Agra (8.58%), Bengaluru (8.5%), Hyderabad (8.47%), Nagpur (8.41%), Tirupur (8.36%), Rajkot (8.33%), Tiruchirappalli (8.29%), Chennai (8.17%) and Vijayawada (8.16%).

However, in comparison to the world’s biggest metropolises, India’s economic output is expected to remain small.

On the flip side, when it comes to the total size of the economies, New York will continue to be the largest urban economy due to its growing finance & business service sector. While Tokyo and Los Angeles follow at second and third position, respectively.

Come 2027, the aggregate GDP of all Asian cities will exceed the combined GDP of all North American and European cities, with a significant rise of 17% by 2035, said the report.

The Oxford Economics also revealed that, over the period 2019-2035, the cities will lead the growth of global economy, with the global economy growing by an average of 2.6% a year.

SEE ALSO:

India's Q2 GDP growth slows to 7.1% from 8.2% in previous quarter

Indian government may not meet its fiscal deficit target because of lower tax collections: India Ratings

India’s markets regulator could soon allow the direct listing of Indian companies on foreign stock exchanges