Five Indian Cities Among the Top 15 Fastest Growing Global Urban Centres by FY33

Sandip Raj Gupta

    02/Dec/2024

What's Covered in the Article

  1. Five Indian cities are projected to be among the fastest growing global urban centres by FY33.
  2. Urban growth in India is driven by migration, tech, and infrastructure development.
  3. Indian cities' GDP growth is forecasted to rise by over 68% by FY33.

According to the Savills Growth Hubs Index, five Indian citiesBengaluru, Delhi, Mumbai, Hyderabad, and Pune — are projected to be among the top 15 fastest-growing global urban centres by FY33. These cities are positioned to play a significant role in the global urbanization trend, driven by a combination of economic expansion, technological advancements, and a robust focus on infrastructure development.

Bengaluru: The Tech Hub of India

Bengaluru, widely known as India’s tech capital, ranks highly in the index due to its dynamic technology ecosystem and strong growth in GDP per capita. The city’s established position as a hub for IT and innovation is a major factor in its projected growth, with businesses and startups flocking to Bengaluru for its conducive environment for entrepreneurship and technology-driven industries.

Delhi: Rising Population and Economic Activity

Delhi, the national capital of India, is expected to become the world's most populous city by FY50. The city is experiencing significant migration due to its rapidly expanding economy and abundant job opportunities in sectors such as tech, services, and government-related employment. As the political and administrative capital, Delhi is attracting substantial economic activity and infrastructure development, positioning it for continued growth over the next decade.

Mumbai: India’s Financial Powerhouse

As India’s financial hub, Mumbai plays a critical role in global trade and investment. Its thriving financial services sector, coupled with its prominence as a key driver of trade and commerce, ensures Mumbai’s position as a leading global urban centre. The city’s appeal is further strengthened by corporate headquarters, a growing real estate sector, and strategic position as a gateway to international markets.

Hyderabad and Pune: Emerging Powerhouses for Tech and Advanced Manufacturing

Both Hyderabad and Pune are gaining prominence as emerging centres for technology, life sciences, and advanced manufacturing. Hyderabad, with its flourishing life sciences and biotech industries, has become a key player in the healthcare and research sectors, while Pune is witnessing rapid growth in automotive and manufacturing industries, making it a major industrial hub in western India.

India's Growth Trajectory and Government Support

India’s urban expansion is bolstered by a number of factors. With only 35% of the population currently living in urban areas, migration from rural areas and smaller towns is expected to continue driving the country’s urban growth. As a result, **Indian cities are forecasted to experience a robust GDP growth of over 68% by FY33. This growth is fueled by increased disposable incomes, a rapidly expanding middle class, and an increase in consumption.

The government has also made significant strides in boosting urban infrastructure, with major investments in metro projects, smart city initiatives, and the development of life sciences real estate. By FY30, approximately 96 million sq. ft. of new life sciences real estate is expected to be developed to support emerging industries. Moreover, the expansion of office spaces and warehousing facilities in top-tier cities reached record levels in FY23, highlighting the growing demand in these sectors.

Conclusion

India’s urban centres, particularly Bengaluru, Delhi, Mumbai, Hyderabad, and Pune, are poised to be at the forefront of global urban growth by FY33. The combination of strong economic fundamentals, a thriving technology ecosystem, and focused government support for infrastructure development makes these cities key drivers of India’s future growth.

With the rapid pace of urbanization and the country's emphasis on sustainable development, India's urban centres are set to play an increasingly influential role in the global economy in the coming decades.

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