Surat, fastest growing city in India

Surat, fastest growing city in India

Surat and Ahemdabad in Gujarat are the first and third fastest growing city regions in the country in terms of economic prosperity, says a study.

However in terms of actual GDP size, the country's financial capital Mumbai is the biggest of them all.

With an annualised GDP growth rate of 11.5 per cent over the past seven fiscal years, Surat has emerged as the fastest growing city, while Ahemdabad region, which also includes Gandhinagar, is third with 10.1 per cent, as per the data compiled by economic research firm Indicus Analytics.

Southern metropolis Bangalore is the second fastest growing region with 10.3 per cent growth, while rest of the city regions in the country saw a growth rate of less than nine per cent.

The growth rate figures are short-term annualised GDP growth rates for fiscal year 2001-02 to the fiscal year 2006-07. The city regions includes rural and urban areas of the corresponding districts, Indicus Analytics said.

In terms of actual GDP size and contribution to the all India GDP, Mumbai occupies the top position, followed by the national capital region Delhi, Kolkata and Chennai.

According to Indicus Analytics, the current price GDP for the fiscal year 2006-07 stood at Rs 2,00,483 crore for Mumbai region, including suburban Mumbai and Thane, and contributed 6.16 per cent to all-India GDP.

For Delhi, including its nine districts and adjoining Noida, Ghaziabad, Faridabad and Gurgaon, the total region GDP stood at Rs 1,60,739 crore and contributed 4.94 per cent to all-India GDP size.

In GDP size, Mumbai and NCR are followed by Kolkata (Rs 100,229 crore and 3.08 per cent contribution), Chennai (Rs 63,195 crore and 1.94 per cent all-India share) and Bangalore (Rs 58,792 crore with 1.81 per cent share).

In the top 10 city regions in GDP size, Maharashtra, West Bengal and Gujarat accounted for two each, while Tamil Nadu, Karnataka and Andhra Pradesh each had one region.

Pune came at the sixth position, followed by Ahemdabad, Hyderabad, Surat and Bardhman (West Bengal).

In terms of individual GDP growth rate, Surat, Bangalore and Ahmedabad are followed by Mumbai (8.5 per cent), Delhi (8.4 per cent), Hyderabad (7.8 per cent), Pune (7.4 per cent), Bardhman (6.6 per cent), Kolkata (6.3 per cent) and Chennai (6.2 per cent).

According to the data, Mumbai, Delhi and Kolkata are the only three regions with a GDP size of more than Rs 1,00,000 crore, while Surat, Bangalore and Ahmedabad are the only three to have a growth rate of more than 10 per cent.

Except for Bardhman in West Bengal, all the regions in the top 10 have a share of more than one per cent in the all India GDP.

Meanwhile, Reserve Bank of India in its quarterly monetary policy review said on Tuesday that GDP growth projection has been retained at 8.5 per cent for the fiscal year 2007-08.

"The projection of overall real GDP growth in 2007-08 is maintained at around 8.5 per cent for policy purposes, assuming no further escalation in international crude prices and barring domestic or external shocks," the central bank said.