6 Indian Cities Among Top 10 Fastest Growing Cities Of Asia, Delhi At Number 1

न्यूज़ वर्ल्ड इंडिया | 0
| August 10 , 2017 , 12:08 IST

Infamously known as the rape capital of India, the nation's capital Delhi has received a much prouder tag of being the city predicted to have the fastest growth of any city in Asia.

According to a study by Oxford Economics which pegged Delhi at number 1 position, 5 other Indian cities have made it to the top 10 list of Asia's fastest growing cities, namely Chennai (3rd rank), Mumbai (4th rank), Hyderabad (5th rank), Bengaluru (6th rank) and Kolkata (9th rank).

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“Limits on foreign ownership of Indian companies are gradually being reduced or eliminated,” wrote Mark Britton, lead economist on the report. “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.”

For consumer companies such as Japan's Ryohin Keikaku Co India is being seen as the second largest international market after China. Even which has already made a name for itself in the online retailing field in India is seeking approval to invest in a food supply chain to take advantage of the government's easing of rules on foreign retailers.

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While India's growth is pegged to increase on a massive scale, China's expansion is expected to slow down, partly due to the moderating import demands. Despite the expansion slowing down in China, it continues to be a popular market for international companies, as Starbucks plans to nearly double its outlets in mainland China, and McDonald’s plans to add 2,000 new restaurants by 2021.

Japanese cities are expected have not been predicted for rapid growth as they face a challenging demographic outlook with its working-age population falling by approximately 1 percent per year.

View top 10 list below: