OXFORD ECONOMICS research has shown a number Indian cities will grow most rapidly in Asia over the next five years, with Delhi and Vietnamese capital Ho Chi Minh City topping the charts.
By 2021, the economy of India’s second-largest city Delhi is expected to be almost 50 percent larger than it was at the end of 2016.
Oxford Economics’ research, released in conjunction with BloombergQuint, ranked Asia’s 30 largest cities, with six of the top 10 being located in India – Delhi, Chennai, Mumbai, Hyderabad, Kolkata and Bangalore.
“Limits on foreign ownership of Indian companies are gradually being reduced or eliminated,” wrote Mark Britton, lead economist on the report as quoted by Bloomberg.
“In the short term, this is conducive to strong growth in Delhi’s professional services sector, as overseas investors seek advice on possible deals, while long term, it should mean steady income streams for such businesses.”
— BloombergQuint (@BloombergQuint) August 10, 2017
After Saigon and the six Indian cities, China’s Tianjin was ranked in at No 8, the Philippines’ capital Manila at No 9 and Beijing at No 10.
Chinese metropolises of Guangzhou, Shanghai and Shenzhen came next, followed by Jakarta and Kuala Lumpur. Australian and New Zealand cities were middle of the pack, with Brisbane ranked 16th ahead of Singapore and Bangkok.
Melbourne, Sydney and Auckland were all ahead of Hong Kong, Seoul and Taipei in terms of projected growth by 2021.
Very low growth, meanwhile, is projected for the Japanese urban centres of Nagoya, Tokyo and Yokohama.
Osaka was ranked last in the rankings, with its working-age population declining by one percent each year, according to the report.