As per a report from Oxford Economics, a research house engaged in quantitative analysis, India is all set to dominate when it comes to the top 10 cities for economic growth across the world. This goes on to show that India is not only going to grow rapidly but is also going to be the engine of global growth in the future. All top ten cities across the globe, are going to be Indian cities.
Surat, the diamond processing and trading centre in the state of Gujarat is expected to be the fastest growing city in the world between 2019-35. It is expected to grow at a mind-boggling growth rate of 9.17 per cent. After Surat, Agra, Bengaluru, Hyderabad are going to be the top two, three and fourth fastest growing cities in the world respectively with expected GDP growth rates of 8.58 per cent, 8.50 per cent and 8.47 per cent. In fact, all the top ten cities are expected to grow at a growth rate of more than 8 per cent.
What is even more encouraging is the fact that even when it comes to the top 20 growing cities of the world, it is India which is expected to dominate. According to the Oxford Economics report, “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.” This shows that India is going to be a major economic player truly dominating world growth.
This report corroborates India’s phenomenal growth story in a big way. In what would greatly disturb Prime Minister Modi’s critics and opponents within India, the leading institutions and research bodies seem to be recognising how India has emerged as a rapidly growing economy in a big way in the recent past. Richard Holt, head of global cities research at Oxford Economics reportedly said, “by 2035, the combined GDP of Indian cities will still be small compared with Chinese (or, indeed, North American and European) cities. However, in terms of GDP growth, it is Indian cities that are star performers in our forecast.” Therefore, even though India has not still matched in terms of combined GDP growth, it is clear that the process of rapid economic development and growth has kicked off under the present political leadership. If the reforms agenda which has led to unprecedented economic growth in India can be sustained in the future as well, India may as well overtake the leading economic powers of the world.
It is not for this first time that an encouraging report about India’s phenomenal growth story has surfaced. According to a recent World Bank forecast, India is going to see robust economic growth in the near future and will retain the world’s fastest-growing economy tag. This means that the efforts of the present government at speeding up economic reforms are now paying rich dividends. Thus, notwithstanding what the critics might have to say, India is all set to be the undisputed leader of global growth.