From 2019 to 2035, the top 10 cities for economic growth will all be from India with Surat in Gujarat leading the way with an average of 9 percent growth, according to an Oxford Economics study.
According to a report in Bloomberg which quoted from the Oxford study, economic output in many of those top 10 Indian cities will remain rather small in comparison to the world’s biggest metropolises, aggregated gross domestic product of all Asian cities will exceed that of all North American and European urban centers combined in 2027. By 2035, it will be 17 percent higher, with the largest contribution coming from Chinese cities, Bloomberg wrote.
Richard Holt, Oxford’s head of global cities research said that little will change at the top of the list of the world’s biggest cities in the next two decades or 2019 to 2035, to be precise.
Surat is India’s top and one of the world’s largest diamond processing and trading center. The city will grow at an average rate of 9 percent. With an expected annual growth of 8.58 percent, Uttar Pradesh’s Agra is second on the list.
At the third place is Bangalore, which will grow at 8.5 percent. The IT capital of India is followed by Hyderabad which will see an 8.47 percent growth. Nagpur in Maharashtra is at fifth place and will grow at 8.41 percent. At sixth place is Tirupur, a southern Indian city famed for knitwear and textiles. The city will see an 8.36 percent growth. Gujarat’s Rajkot will grow at 8.33 percent and Tiruchirappalli in Tamil Nadu will see an 8.29 percent growth.
Chennai and Vijayawada will see an annual average growth of 8.17 and 8.16 percent respectively.
Among global cities, New York, Tokyo, Los Angeles, and London, will defend their spots as Shanghai and Beijing—each boasting more than 20 million people —surpass Paris and Chicago. Guangzhou and Shenzhen in Southern China will also make the top 10, crowding out Hong Kong, Bloomberg wrote citing the Oxford Economics study.