Hyderabad Projects Record-Breaking GDP Growth Rate
Hyderabad, the vibrant tech and business hub of India, has been projected as the fourth fastest-growing city globally by 2035, with a significant contribution to the country's GDP. According to Knight Frank India's latest report, 'Indian Real Estate: A Decade from Now', Hyderabad is expected to achieve an annual growth rate of 8.47%, adding $201.4 billion to India's GDP.
Global comparisons show that top cities like Surat, Agra, and Bengaluru are leading the way with impressive growth rates of 9.17%, 8.58%, and 8.50% respectively. By 2035, Surat's GDP is expected to contribute $126.8 billion, followed by Agra with $15.5 billion.
India's urban centers, which cover just 3% of the country's land, are driving an estimated 60% of its GDP, according to Knight Frank India. The nation's rapid urbanization is anticipated to rise from 36.5% to 42.5% by 2034, leading to the growth of more cities with populations exceeding 1 million.
The report also reveals that India's real estate sector will become a $1.5 trillion market by 2034, constituting 10.5% of its economic output. The residential sector is expected to lead the growth, followed by office spaces and manufacturing lands.
Government initiatives such as the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and Smart Cities Mission (SCM) are expected to play a crucial role in sustaining India's urban development.
Hyderabad: The Emerging Powerhouse
With its projected 8.47% annual GDP growth, Hyderabad is solidifying its position as the fourth fastest-growing city globally by 2035. Its dynamic mix of technology, business, and infrastructure is driving its rapid growth, making it a key player in India's economic future.
The government's focus on urbanization and development is crucial in maintaining this momentum. By supporting innovation-driven projects and fostering entrepreneurship, Hyderabad aims to continue as a major hub for business and economic growth.
India's Economic Growth: Global Rankings
Global GDP growth rankings:
- Surat - 9.17%
- Agra - 8.58%
- Bengaluru - 8.50%
- Hyderabad (Projected growth) - 8.47%
- Ahmedabad - 8.34%
Contribution to India's GDP by 2035:
- Surat - $126.8 billion
- Agra - $15.5 billion
- Bengaluru - $283.3 billion
This story will be updated as more information becomes available.
[AlariansDaily.com]
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