These 10 Indian cities are the fastest growing in the world

SUMMARY

An Oxford Economics research report published by the World Economic Forum has found that India has the top 10 fastest growing cities by GDP in the world. India's economy is projected to grow at 7.1 percent in fiscal year 2020 on the back of strong domestic consumption and investment but the GDP growth is a downward revision from the 7.4 percent estimated in January this year, according to the World Economic Situation and Prospects (WESP) 2019 mid-year report released by the UN. The Oxford Economics report predicts that the fastest growing cities will drive the growth of the global economy and the dominance of Indian cities in the list signals a shift in economic power from the West to the East. Here are the top 10 fastest growing cities:

By CNBC-TV18May 22, 2019 11:07:37 AM IST (Published)

10. Vijaywada: Vijaywada, also known as the commercial capital of Andhra Pradesh, is expected to grow at an average annual rate of 8.16 percent between 2019 and 2035, according to the research report. The city hosts the Nunna Mango Market, one of the largest mango markets in Asia, and it exports mangoes to major cities in the country. The city is also a hub for oil marketing companies to store, bottle and transport oil products.

9. Chennai: The Tamil Nadu capital is the sixth-most populous city in the country. According to the research report, the city is expected to grow annually at 8.17 percent between 2019 and 2035. Chennai is an industrial base for the auto, information technology, and healthcare sectors.

8. Tiruchirappalli: Tiruchirappalli or Trichy is a city in Tamil Nadu. The city will see an average annual growth of 8.29 percent between 2019 and 2035. Trichy hosts many engineering equipment manufacturers and fabrication companies.

7. Rajkot: Rajkot is one of the largest cities in Gujarat. Real estate, jewellery, and silk embroidery are among the top contributors to uplifting the economy. The city is expected to see an average annual growth of 8.33 percent between 2019 and 2035.

6. Tiruppur: Tiruppur, in Tamil Nadu, is the garment hub of south India and is appropriately known as the 'knit city'. The city accommodates large garment factories from where goods are exported. The city will see an average annual growth of 8.36 percent between 2019 and 2035.

5. Nagpur: Nagpur is one of the emerging cities of Maharashtra. The city is famous for its oranges and is also home to top Indian consumer brands' factories such as Dinshaws, Haldiram's, among others. The city will likely grow at an average annual rate of 8.41 percent between 2019 and 2035.

4. Hyderabad: Hyderabad is the capital of Telangana. The city's economy grows with the help of the service sector, information technology, among others. According to the report, the city will enjoy an average annual growth rate of 8.47 percent between 2019 and 2035.

3. Bengaluru: Karnataka's capital city is known to be India's tech and IT hub. Major IT headquarters are in the city. The city will grow at an average annual rate of 8.50 percent between 2019 and 2035. (stock image)

2. Agra: Agra, the city of the Taj Mahal, not only has a good tourism industry but was also home to India's first plant biotech company, Harihar Biotech. The city also houses many small scale industrial units. According to the report, the city will grow at an average annual rate of 8.58 percent between 2019 and 2035. (stock image)

1. Surat: Surat in Gujarat is the hub for diamond cutting business, textiles and information technology. According to the report, the city will see an average annual growth of 9.17 percent between 2019 and 2035.