Research by Oxford Economics revealed that all top 10 fastest growing cities in the next 20 years will be in India. The report ranked cities based on the highest gross domestic product (GDP), which signifies a wider distribution of wealth and job opportunities. Here are the top six fastest-growing Indian cities.
One of the major cities in Gujarat, Surat is projected to increase its GDP from $28.5 billion to $126.8 billion by 2035. This makes it the city with the highest GDP growth rate of 9.2 percent. The city’s main economic backbones include diamond processing and export as well as the textile industry, which mainly deals with yarn production, weaving, processing, and embroidery. The strong IT sector also plays a significant role in the rapid economic growth. With a population of over four million people, Surat ranks eight as the largest urban area in the country. Some of the major companies in the region include Reliance Industries, Ambuja Cement, GAIL, and Ultratech Cement to name just a few.
Coming in second in terms of GDP growth is Agra city, popularly known as the home of Taj Mahal, one of the Seven Wonders of the World. Located in the state of Uttar Pradesh, Agra’s GDP is expected to increase to $15.6 billion from $3.9 billion by 2035, a growth rate of 8.6 percent. The city has cultivated a thriving small scale industry that deals with iron foundries and leather goods. Agra is also the hub for hospitality and the tourism industry is predicted to boom in the coming years. The textile, manufacturing, and automobile industries are also set to thrive further in a few years to come.
Popularly known as the Silicon Valley of India, Bengaluru has a booming tech industry and start-up scene. It's home to the headquarters of several private sector companies, such as Cisco, HP, Goldman Sachs, Tata, and Infosys, among others. Additionally, budding IT professionals stream into the city looking for lucrative jobs in the IT industry. The city’s current GDP of $70.8 billion is predicted to increase to around $283.3 billion by 2035, a growth rate of 8.5 percent. Bengaluru is also the hub for aerospace and biotech thanks to the clustering of aerospace, machine tools, defense, and electronics-related companies. Other industries that have shown promising growth include automotive, healthcare, construction and textiles.
Coming closely after Bengaluru is Hyderabad, the capital city of Andhra Pradesh and the largest city in Telangana. The city positions itself as the IT hub with over 1500 IT companies, including tech giants like Microsoft, Apple, Google, Yahoo, Tata Consultancy Services (TCS), and Infosys. Hyderabad is historically known as the “City of Pearls” for the famous pearl trading. It’s also home to India’s first IKEA store. Other industries like real estate and bio-pharmaceuticals are also coming up in the region. The city’s current GDP of $50.6 billion is forecasted to increase to $201.4 billion, a growth rate of 8.47 percent.
Nagpur is a city in Maharashtra and is considered as one of the cleanest and greenest cities in India. The city is home to some of the best talents and qualified professionals, whose economic contributions help the city grow rapidly. Due to the large production of oranges, it's been nicknamed as “Orange City”. The oranges are exported to different regions of the world, forming a large share of the economy. Some tech giants like Infosys and TCS have also established branches in the city and in some years to come, Nagpur may be the next IT hub. Other sectors pushing the city’s economy include manufacturing, transport, mining, transport, and power generation. The GDP growth rate is predicted to increase by 8.41 percent to $48.6 billion from $12.3 billion.
Located in the Indian state of Tamil Nadu, Tiruppur is famously known for the knitwear industry, which is the city’s main contributor to the economy. The current GDP growth of $4.3 billion will grow by 8.36 percent to $19 billion by 2035. However, according to industry experts, such growth can only be achieved if the government provides adequate infrastructure and sufficient support to the textile industry.
- Surat – the center for diamond processing and textile industry.
- Agra – home to the Taj Mahal, the city is a growing hub for the hospitality industry.
- Bengaluru – the city is the Silicon Valley of India, where giant IT techs have established their companies.
- Hyderabad – it’s also home to over 1500 IT companies, including Apple, Microsoft, and Google.
- Nagpur – this agricultural city produces and exports oranges globally and also hosts several top companies like Hyundai and Unitech.
- Tiruppur – it’s the hub for the knitwear industry which accounts for around 46 percent of the total knitwear garment exports from India.
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