Proving its position as the fastest-expanding major economy across the world, India has surpassed China with six of its cities listed in the world’s 30 most dynamic cities, according to the JLL’s City Momentum Index 2017.
In this list, Bengaluru – India technology and outsourcing hub – has slid up to the first place after beating the global financial hotspot London which had been on the top for last two straight years. Among other Indian cities – Hyderabad, Pune, Chennai, Delhi and Mumbai are at 5, 13, 18, 23 and 25 in the list.
This news must be a boost for Indian economic world as three years back, not even a single urban center from any South Asian country were on this list. One of the biggest reasons for this upside-down change is that China has moderated its rate of economic growth in this period. In this tenure, Indian urban cities have shown an emphatic growth on key parameters like economic output, corporate headquarters, foreign direct investments, construction, absorption and prices of commercial real estate, investment transactions and transparency.
“Hyderabad and Bengaluru also lead the rise of agile emerging world cities figuring with best-in-class examples such as Shanghai, Shenzhen and Dubai. Being India’s leading IT hub, Bengaluru has attracted a range of the world’s leading technology firms, apart from nurturing successful start-ups,” Ramesh Nair, COO & International Director, JLL India.
“This is driving strong real estate demand which, backed by exceptional levels of growth, has propelled the erstwhile ‘Garden city’ to the top of this Index.” He adds.
Along with Bengaluru, Hyderabad has been instrumental in city’s leadership setting up India’s largest incubator, focusing on specific niche industries such as gaming and animation. The city also has become a major center for the investment attracting companies like Microsoft, Apple and Uber.
Source: ET Realty