Mumbai, India's financial and commercial powerhouse, has emerged as the top value-generating city, contributing a remarkable Rs. 1,54,54,720 crore (US$ 1.77 trillion) to India's economy, as per the 2024 Burgundy Private Hurun India 500 report. Despite having two fewer companies compared to the previous year, Mumbai’s total value generation saw a significant 37% increase YoY, highlighting its dominant role in the country's economic landscape. This surge in value is driven by the city’s 154 companies, reflecting Mumbai’s critical position as India’s business hub.

Bengaluru ranks second, with Rs. 25,48,340 crore (US$ 293.35 billion) generated from 44 companies, despite a 17% decline in the number of companies. This 17% YoY growth further underscores Bengaluru’s growing stature, particularly in technology and innovation sectors. Despite the dip in companies, Bengaluru remains a key player in the value generation landscape, owing to its thriving IT sector and growing venture capital investments.

New Delhi secured the third position with a remarkable 60% YoY growth, generating Rs. 23,81,680 crore (US$ 274.17 billion) from 37 companies. The city saw growth despite losing two companies, demonstrating the capital’s robust economy. The sectors contributing to this growth include government contracts, consulting, and trade and commerce, with continued improvements in infrastructure and business development.

Other Notable Cities and States

• Gurugram made an impressive leap to fourth place, generating Rs. 19,61,770 crore (US$ 225.83 billion), an 88% YoY increase, bolstered by the addition of three new companies.
• Hyderabad completed the top five cities with Rs. 10,41,260 crore (US$ 119.86 billion), a 75% YoY growth, driven by the IT, biotechnology, and pharmaceutical sectors.

Among states, Maharashtra tops the list with a total of Rs. 1,73,82,180 crore (US$ 2 trillion), generated from 189 companies, further solidifying its role as the economic engine of India. Other leading states include:

• Karnataka: Rs. 25,88,560 crore (US$ 297.98 billion),
• Haryana: Rs. 20,52,690 crore (US$ 236.29 billion),
• Gujarat: Rs. 20,19,870 crore (US$ 232.52 billion),
• Delhi: Rs. 23,81,690 crore (US$ 274.17 billion).

The 2024 Burgundy Private Hurun India 500 report, produced in collaboration with Axis Bank’s Burgundy Private and Hurun India, provides a comprehensive assessment of market capitalization for listed companies and the valuations of unlisted companies (excluding state-owned enterprises and subsidiaries). This in-depth analysis showcases the top-performing regions and businesses across India, with the top cities continuing to outpace the national economy in growth rates.

In summary, Mumbai, Bengaluru, and Delhi have emerged as the leaders in value generation, underlining their crucial role in India’s future economic development. The performance of other key cities, including Gurugram and Hyderabad, indicates the growing economic diversification in India, with technology, finance, and manufacturing sectors driving value across regions.

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