New Delhi: Soon, Delhi will become the city with fastest growth in Asia with its economy 50% bigger in 2021 than what it was in December 2016, said a new study by Oxford Economics that ranks Asia's 30 largest cities.
The study further suggests that India's fast growth in finance and business sectors will reflect directly in New Delhi's, which will dominate the industry and lead to higher growth and higher incomes, reports Bloomberg.
Indian cities will also expand the most across the Asian region, with growth speeding up from the past five years.
Several international companies already view New Delhi as a potential big market player. Japan's Muji views India becoming its second largest international market, after China. Similarly, Amazon.com Inc's Indian unit is looking to invest in a food-supply chain and take advantage of government's moves to ease rules on foreign retailers.
"Limits on foreign ownership of Indian companies are gradually being reduced or eliminated," writes Mark Britton, lead economist on the report. "In the short term, this is conducive to strong growth in Delhi's professional services sector, as overseas investors seek advice on possible deals, while in the long term, it should mean steady income streams for such businesses."
Meanwhile, China's expansion is likely to slow down, although the largest five cities there will still be recording growth rates of 6% or more.
