India has become one of the world's fastest-growing economies and has risen to prominence. In recent years, India has surpassed the traditional economic giants to become the world's sixth-largest economy in terms of nominal GDP and third-largest in terms of purchasing power parity.
Its pharmaceutical sector is one of the largest in the world, its chemical industry is massive, and its information technology sector generates $191 billion in revenue each year. In a nutshell, it is one of the world's fastest-growing economies. Find out where the majority of India's wealth is concentrated as we list the ten richest countries in the country.
These cities have had a significant impact on India's history, geography, politics, and economy. The following are the top ten richest cities in India in terms of GDP, but before we go into that. We need to check how these ratings have come by what terms:
What is GDP?
GDP is the total monetary or market worth of all finished goods and services produced within a country's borders in a certain time period. It serves as a comprehensive scorecard of a country's economic health because it is a wide measure of entire domestic production.
GDP is normally estimated on an annual basis, although it is also calculated on a quarterly basis. In the United States, for example, the government publishes an annualised GDP estimate for each fiscal quarter as well as for the entire calendar year. Because the data in this report is presented in actual terms, it has been adjusted for price changes and is thus net of inflation.
Gross Domestic Product (GDP) of India
A country's GDP is calculated by taking into account all private and public consumption, government expenditures, investments, additions to private inventories, paid-in building expenses, and the international balance of trade. (Exports are added to the value, while imports are deducted.)
The foreign balance of trade is one of the most important components of a country's GDP. When the total value of products and services sold by local producers to foreign countries surpasses the total value of foreign goods and services purchased by domestic consumers, a country's GDP rises. A country is said to have a trade surplus when this circumstance occurs.
10. Visakhapatnam, Andhra Pradesh- $43.5 Billion
Visakhapatnam, India's port city, has a GDP of $43.5 billion, ranking it eighth in terms of GDP. As the state's largest and most populated city, it is home to a number of major corporations, including GAIL, Vizag Steel, Hindustan Steel, and the Indian Navy's Eastern Naval Command. Apart from being a popular tourist destination due to its many beaches and cultural attractions.
It is also known as an educational hotspot, with a plethora of educational institutes (including Indian Maritime University (IMU), Damodaram Sanjivayya National Law University (DSNLU), National Institute of Oceanography, India, Indian Institute of Management (IIM), Andhra Medical College (AMC), and Andhra University (AU)) calling it home.
According to O Naresh Kumar, vice president of the Vizag Development Council, the city is a preferred destination due to its favourable industrial climate, technical manpower, social, educational, and health facilities, best telecom infrastructure, and excellent road, train, and air transport facilities.
09. Surat, Gujarat- $59.8 billion
Surat, a huge city in the western state of Gujarat, has grown from a little seaport to the commercial and economic powerhouse of South Gujarat. Its economy has developed dramatically in recent years, and it is on track to become the world's fastest-growing metropolis between 2019 and 2035, thanks to thriving diamond and textile industries.
Surat has emerged as a key hub for the country's industrial development. Many industrialists are interested in establishing businesses in Surat. Major Indian corporations such as Larsen and Toubro, Reliance Petrochemicals, ONGC, Torrent Power, and Shell have established manufacturing facilities in Surat.
Surat's position has traditionally supported the development of industries. In ancient times, it was one of India's most important commerce centres. Many of Surat's key industries help to meet the expanding demands of the Indian market.
08. Ahmedabad- $68 billion
Ahmedabad, the most populous city in Gujarat and the fifth most populous city in India, is one of the country's most important economic and industrial centres. In addition to being the country's second-largest cotton grower, it also has well-established trade, communication, and construction sectors.
Ahmedabad, which is home to several large international companies such as Adani Group, Arvind Mills, Cadila, Torrent Pharmaceuticals, and Nirma, is the third best place to live in India, with a well-developed infrastructure, excellent job opportunities, and an abundance of housing options. It is India's eighth richest city, with a GDP of $68 billion.
07. Pune- $69 Billion
Pune is up next, a cultural and educational centre known as the "Oxford of the East" due to its large number of educational institutions. The city attracts a large number of international students due to internationally recognised research institutes such as the Inter-university Centre for Astronomy & Astrophysics (IUCAA), Indian Institute of Science Education and Research, Pune (IISER, Pune), Centre for Development of Advanced Computing (C-DAC), and Research & Development Establishment (Engineers) (R&DE(E)).
Aside from education, the city has a thriving economy centred on manufacturing and information technology. Its current GDP is $69 billion.
06. Hyderabad- $75.2 Billion
Hyderabad is India's fourth-most populated city, with a population of 6.9 million people. Until the nineteenth century, Hyderabad was most renowned for its pearl industry, earning it the moniker "City of Pearls." It is now a pharmaceutical and biotechnology hub, as well as the home of major international corporations such as Amazon, Google, and IBM.
It also has a thriving film industry, generating the second-highest volume of films in the country. It is India's sixth richest city, with a GDP of $75.2 billion.
05. Chennai, Tamil Nadu- $78.6 Billion
Chennai is India's fifth-richest city, with a GDP of $78.6 billion. It is one of the most visited Indian cities and one of the most popular cities in the country for both international and domestic health tourists, in addition to being one of the greatest cultural, economic, and educational centres in south India.
Its economy is fueled by the information and finance sectors, as well as medical tourism and manufacturing. Its export trade is also a significant contribution to GDP: in recent years, it has grown to become the country's largest exporter of electronics.
04. Bengaluru, Karnataka - $110 Billion
Bengaluru, the capital city of Karnataka and India's third most populated metropolis, comes next. Bengaluru, the country's second-fastest-growing metropolitan metropolis, is huge, buoyant, and flourishing, with the most educated workforces in the world, a rising reputation as India's Silicon Valley, and a plethora of entrepreneurs, multinationals, and startups.
It is consistently recognised as one of the most liveable cities in India, and it is home to a large number of millionaires (7,700 by the last count) and billionaires, the combined wealth of whom totals a remarkable $320 billion. Bengaluru is India's fourth richest city, with a GDP of $110 billion.
03. Kolkata- $150.1 Billion
Kolkata is India's third richest city, with a GDP of $150.1 billion. The city, which was known as Calcutta until 2001, has seen a dramatic transition in recent years, throwing off its image of poverty and misery to emerge as one of the country's most promising.
It is a prominent tourist attraction, attracting hundreds of thousands of foreign visitors each year. It is home to various IT enterprises and multinationals.
02. New Delhi- $293.6 Billion
New Delhi narrowly misses out on the title of the richest city in India. The city's GDP of $293.6 billion is predominantly driven by the service industry, with health care, telecommunications, finance, media, banking, and tourism accounting for almost 80% of the city's economy.
01. Mumbai - $310 billion
Mumbai, the capital city of the Indian state of Maharashtra and the country's second-most populated city, tops our list of the richest countries in India. According to World Atlas, this 20-million-person megacity generates a large number of jobs that draw individuals from all across the country, resulting in one of the world's most densely inhabited and diversified cities.
It is home to the National Stock Exchange, the Bombay Stock Exchange, and the Reserve Bank of India, as well as a number of international corporations such as Tata Group, Aditya Birla Group, and Reliance Industries Limited. More than 70% of all transactions in India start in Mumbai; it's no surprise, then, that it
Written By- Greeshma Chowdary
Edited By- Nidhi Jha
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