Bengaluru to be world’s fastest growing city: Report

Bengaluru to be world’s fastest growing city: Report

Aerial view of Bangalore city in south India. (Getty images)

Bengaluru will be the fastest growing city in the world for the next 15 years as its GDP is projected to grow at 8.5 per cent until 2035, according to the Bengaluru Innovation Report 2019.

India will be home to 17 of the 20 fastest-growing cities in the world between 2019 and 2035 among the world’s 780 major cities. Apart from Bengaluru, Hyderabad and Chennai are among the strongest performers, as per the report.

The Bangalore Innovation Report was jointly released by the institutional investors Accel Partners, 3one4 Capital, and IdeaSpring Capital.

Most millennial-friendly city 

According to the report, Bengaluru is India’s most millennial-friendly city with the highest employability rate in the country. It ranks 18th in this category among cities in Asia. It is also the first choice for women in employability. It has a major demographic dividend with 37% of the city’s population between 15-35 years of age, the report states. 

Most digitally savvy 

Bengaluru’s consumer economy is the most digitally savvy in India with a digital spend of Rs 8,600 per person per month in the city. The report stated that 38.1% of all UPI transactions in Tier 1 cities originated in Bengaluru as of October 2019. 

Consumers in Bengaluru also had the highest preference for online shopping, followed by Mumbai and Delhi. In Bengaluru, 69% of the people surveyed showed a willingness to buy products online compared to 65% in Mumbai and 61% in Delhi.

"As one of India’s best-known consumer tech startups, it was a natural decision for us to be based in Bengaluru because of the tech-savvy and cosmopolitan residents of the city, who are both discerning and ‘early adopter’ customers for any innovative products that are launched," Vikas Sunder, COO, Swiggy, is quoted as saying in the report. 

Tech talent

Bengaluru is home to 33% of India's tech talent with the most number of experienced engineers in the country. Bengaluru’s engineering colleges and population ratio are five times more than Delhi and 1.7 times more than Mumbai. 

"R&D departments of startups, domestic and multinational corporations, academic and industry, defence, product and user organisations — co-exist in one metropolitan city. This means that future innovations are planned and developed in Bengaluru and also first used in Bengaluru and hence the talent in the city is up to date with the latest developments," Kris Gopalakrishnan, Chairman, Axilor Ventures, is quoted as saying in the report.