A delightful news for the people living in the darling city, Bengaluru to be the fastest growing city in the world in the next 15 years. The city’s GDP is set to grow at 8.5 percent until 2035, fastest as compared to 780 major cities.
The country will be housing 17 of the 20 fastest-growing cities in the world between 2019 and 2035 among the world’s 780 major cities.
Not just Bengaluru, Hyderabad, and Chennai will also be among the strongest performers, as per the Bangalore Innovation report, jointly released by the institutional investors Accel Partners, 3one4 Capital, and IdeaSpring Capital.
The silicon city is India’s most citizen-friendly city with the highest employability rate in the country. It is also a better place for women in employability.
Not just that, Bengaluru has a significant demographic share with 37% of the city’s population between 15-35 years of age.
The city’s consumer economy stands strong in terms of digitalization. The digital spendings are marked at Rs 8600 per person per month in the city. 38.1% of all UPI transactions in Tier 1 cities originated in Bengaluru as of October 2019.
A startup paradise
Bengaluru is India’s most attractive city for leading startups. City’s has led to the creation of more than 2100 entrepreneurs across India, of which 1100 began a venture in Bengaluru. This is the largest expanding impact seen across all startup ecosystems in the country.
“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 intelligent and ‘early adopter’ customers for any innovative products that are launched,” said, Vikas Sunder, COO, Swiggy.
Speaking furthermore about the Bengaluru’s growth, city’s startup programs have also helped individuals to come up and deliver- Rs 10 crore fund for women entrepreneurs was set up under which the state government granted funding up to Rs 50 lakh- as part of the Karnataka Startup Vision, 47 innovation hubs, 6 centers of excellence and 5 technology business incubators have been set up.
“R&D areas of startups, national and multinational corporations, academic and industry, defense, product, and user organizations – is present in one modern city. This refers that future modifications are planned and developed in Bengaluru and also originally used in Bengaluru and therefore the talent in the city is up to date with the latest developments,” said Kris Gopalakrishnan, Chairman, Axilor Ventures.