Chillin' out till it needs to be funded
These following research gives examples of the best cities for the India growth story:
BANGALORE – Growth rate 10.3% – What was knows as the Pensioners’ Paradise 10 years back, has emerged 10-fold now and a study states that the rupee millionaire club in Karnataka’s capital is the most crowded in India. Bangalore also boasts of owing the largest number of households with an annual income of Rs 10 lakhs (Rs 1 million) or more. With an estimated population of 6.5 million, Bangalore is 1 of India’s most populous cities. How has this city which was more popular for its gardens and laidback lifestyle modified so much in character? The 2 reasons that come to every Bangalorean’s mind are: the start of the IT industry, and subsequently the boom in real estate prices. Unlike other cities in India, Bangalore’s main activity is information technology and information technology-enabled services. Being the prominent contributor to India’s IT industry, the city is always referred to as the Silicon Valley of India. Software majors Infosys and Wipro being headquartered in the city, Bangalore contributed 33 % of India’s Rs 144,214 crore ($ 32 billion) IT exports in 2006-07. Businesses comprising large corporate tehat are either multinational companies or Indian firms dealing with or serving to MNCs recruit a very large workforce in Bangalore. And although the city’s infrastructure has been unable to stay pace with the fast growth of the city, Bangalore still remains one of India’s boom towns.
AHMEDABAD – Growth rate 10.1% The – Ahmedabad region, comprising Gandhinagar, of Gujarat is the biggest inland industrial centre in western India and has been a significant base of commerce, trade and industry. With a population of 56 lakh (5.6 million) Ahmedabad has kept great prosperity because of its proximity to Surat and its access to the hinterland of Gujarat. Though dusty roads and bungalows used to cover the city once, Ahmedabad is now evident a major construction boom and a rise in population. In recent years, the city has seen an important rise in information technology and scientific industries. Apart from these, chemicals and pharmaceutical industries share to the state’s economic growth, with 2 of the biggest pharmaceutical companies of India — Zydus Cadila and Torrent Pharmaceuticals being based here. Ahmedabad also forms the corporate headquarter of the Nirma group of industries and Adani group. Of late, several foreign companies have plan up their units here. Among them, Bosch Rexroth of Germany, Stork and Rollepaal of Netherlands deserve valuable mention.
MUMBAI – Growth rate: 8.5% – The commercial capital of India is one of the world’s top 10 trade centers. The city aids 25 % of industrial output and 70 % of capital transactions to India’s economy. The city response for about 1 % of the total population in India but has a per capita income which is almost 3 times that of India. Mumbai accounts for 14 % of India’s income tax collections and 37 % of the corporate tax collections in the country. The city is the berth of important financial institutions like the Reserve Bank of India, Bombay Stock Exchange and the National Stock Exchange of India. One of the biggest special economic zones in India is being set up in Navi Mumbai, to be sprawl over an area of around 50 square kilometers. Many corporate and multinational companies have their headquarters in the city that earns migrants from all around India. The city provides countless employment opportunities and is famous for its interesting and high standard of living. The city, with a population of 19 million, is also called as the Indian seat of entertainment as it is the home to the Hindi film industry, the biggest in the world. Most of the city’s inhabitants depend on public transport to commute. Transport systems in Mumbai comprise the Mumbai suburban railway, also known as the lifeline of Mumbai, BEST buses, taxis and auto rickshaws.
NEW DELHI – Growth rate: 8.4% – Though it can’t match Mumbai in terms of contribution to the growth of the Indian economy, the capital of India, is no pushover. Delhi’s, (comprising its 9 districts and adjoining Noida, Ghaziabad, Faridabad and Gurgaon) total GDP stood at Rs 1,60,739 crore (Rs 1,607.39 billion). It shares 4.94 % to all-India GDP. Connaught Place, one of northern India’s biggest financial centres, is situated in the heart of Delhi. Being a vital commercial centre in South Asia, Delhi has a per capita income of Rs 53,976, which is more than double the national average. Delhi’s main service industries, supported by as strong and well laid out infrastructure, add hotels, banking, IT, telecommunications, media and tourism. In recent times, Delhi’s manufacturing industry has emerged considerably and consumer goods industries have established manufacturing units and headquarters in and around the capital. Construction, health, power, telecommunications, community services, and real estate form the backbone of Delhi’s economy. The capital’s retail industry is 1 of the fastest growing industries in India. Public transport in Delhi includes buses, auto rickshaws, taxis, suburban railways and metro rail.
HYDERABAD – Growth rate: 7.8% Hyderabad, the financial capital of Andhra Pradesh, is also called as the city of pearls. With an estimated population of 7 million, the city is the biggest contributor to Andhra Pradesh’s gross domestic product, state tax and excise revenues. As per 2006 statistics, the per capita income of Andhra Pradesh was at Rs 25,625 (less than Rs 200 of national average). The city, which utilized to be primarily a service city, is presently the seat of several businesses, adding trade, communication, transport, commerce, storage, and lately IT. Like Bangalore, Hyderabad also has witnessed a real estate boom in recent times, mainly because of the growth of IT and retail business in the city. Major pharmaceutical companies such as Dr Reddy’s Laboratories, Matrix Laboratories, Aurobindo Pharma Limited and Vimta Labs are landed here. Hyderabad has also done considerable results in the field of bio-technology through initiatives like Genome Valley and Nanotechnology Park. For the advancement of infrastructure in the city, the Andhra Pradesh government is building a skyscraper business district at Manchirevula
PUNE – Growth rate: 7.4% – The growth of this major industrial city, situated roughly 150 km east of Mumbai, has turned the topic of discussion these days. Right from automobile majors such as Tata Motors, DaimlerChrysler, Pune will soon house units of international biggies such as General Motors, Volkswagen, Fiat, et cetera. A number of significant engineering goods industries like Cummins Engines Co Ltd and Bharat Forge Ltd, electronic goods companies like LG, Whirlpool, food companies like Frito Lay and Coca Cola are also put here. Of late, Pune’s software industry has grown by leaps and bounds. IT parks like Rajiv Gandhi IT Park at Hinjewadi, Magarpatta Cybercity, MIDC Software Technology Park at Talawade, Marisoft IT Park at Kalyani Nagar are seats of technology that the city can boast of. To face the demands of this explosive economic growth in Pune, the state of Maharashtra is planning a 1,000 MW power plant to uniquely service to the requirement of Pune. MIDC is the lead agency for the project.
The research post is published in toto at http://www.indicus.net/media/index.php/blogspace/1298-indias-10-fastest-growing-cities. Indicus specialises in Economic research and has readymade tools for slicing and dicing Indian economic data across all 593 districts of the country with information on loans, cars, durables, domestic product at each district city and any other required granular level. For pricing details please call Indicus.