Mumbai may be the financial hub of India, with sky-touching buildings and fast-paced life but it is country’s capital Delhi which has become one of the World’s top 10 best performing metropolitan economies in the league of Dublin and San Jose. The 2018’s edition of Global Metro Monitor has found that Delhi is sixth best performing metropolitan economy in the world, with a higher living standard.
Delhi has the second largest metro area after Mumbai but with a per capita income of $18,600, which is three times the national average, the city has become a destination for people to migrate to look for better opportunities and high living standard, the Global Metro Monitor report said. Among the top ten cities, five belong to China.
However, with the national capital witnessing the thick blanket of smog for a few days every year along with consistently high air pollution levels, the report said that the city has many challenges too. “The city faces crippling congestion and pollution challenges that have accompanied its rapid urbanization,” it said.
The national capital has just 1 million people fewer people living than in the New York. But while New York’s population is expected to stagnate, Delhi’s population will be rising rapidly and reach about 40 million by 2030.
As per the Global Metro Monitor report, Irish city Dublin has topped the list with nearly “unprecedented” GDP per capita growth. Dublin gains an advantageous position as the many companies choose to legally reside in the city for tax purposes even as they do not produce goods and services out of the city.” Some of these companies increased the amount of contract manufacturing they conducted abroad, but statistically those activities are reflected in local and national GDP accounting as exports, it said.
Dublin is followed by San Jose (US), Chengdu (China), San Francisco (US), Beijing (China), Delhi (India), Manila (Philippines), Fuzhou (China), Tianjin (China), Xiamen (China).