India's growing economy on strong performance of manufacturing and agriculture sectors is positioning its rank among other economic giants like China. Principal Economic Adviser in the Finance Ministry, Sanjeev Sanyal, in September stated that despite the GDP growth rate that could be affected in next reading, India would remain as world's fastest-growing major economy and the Oxford Economics survey seems to validate Sanyal’s statement.
The Oxford Economics survey has stated that India is likely to be among the top 10 economically growing countries in the next two decades. Richard Holt heading the global cities research said that Surat, a diamond processing and trading center in Gujarat, will see the fastest expansion through 2035, averaging more than nine per cent followed by Agra and Bengaluru.
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Holt also stated that while the economic output in many of the Indian cities will remain rather small in comparison to the world's biggest metropolis, all of the 10 fastest over that period will be in India. An aggregated gross domestic product of all Asian cities will exceed that of all North American and European urban centres combined in 2027. By 2035, it will be 17 per cent higher, with the largest contribution coming from Chinese cities.
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The survey also predicts that there will be little change at the top of the list of the world's biggest cities between now and 2035.
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 it to the top 10, crowding out Hong Kong.
The fastest growing African city is the Tanzanian port of Dar es Salaam, while the top spot in Europe is held by the Armenian capital of Yerevan, according to the report. San Jose -- a proxy for Silicon Valley -- will be the best performer in North America, the survey added.