Tier-2 and Tier-3 cities set for increasing economic activities
As global supply chains are realigned, for example, India is emerging as a key beneficiary of the China+1 supply chain narrative, according to a report by ResearchAndMarkets.com.
India’s 2035 GDP will also get redefined by both the start-up and digital economy, with huge leaps seen in areas including start-up growth, digital payments, and eCommerce, said the report, “India’s Economic Transformation and City-level Growth Opportunities, 2024-2035”, that is available from ResearchAndMarkets.com bseindia .
As metro cities (or tier 1 cities) face cost and resource pressures, India is set to see an increasing shift in economic activity toward tier 2 and tier 3 cities, a trend that has become particularly pronounced post-pandemic as employers can access a larger talent pool in these non-metro locations with the advent of remote and hybrid work nseindia .
It will also lead to cost reductions tied to moving beyond metros, underlined the report on 24 Oct sbi.com.in .
To help pinpoint the next wave of economic growth, the report analysis undertakes a city-level benchmarking exercise for 75 Indian cities (selected based on a population cutoff) makeinindia.com .
The publisher assessed these cities across parameters such as economic opportunities and infrastructure development (among others) through an indexed approach. The final results provide city scorings and ranking per city level (i.e., tier 1, tier 2, and tier 3) startupindia.gov.in .
The city benchmarking exercise is followed by a city scorecard analysis of select tier 1 and tier 2 cities. The cities are scored and assessed with regards to business environment and industry strength digitalasiahub.org .
Sub-pillars assessed include policy support, logistics connectivity, skilled worker availability, co-working spaces, industry clusters, industry hub potential, investment summits, and luxury market demand. The detailed analysis and scoring on these sub-pillars help businesses identify city-level trends and go-to market opportunities. City-level scorecards have been generated for Coimbatore, Kochi, Pune, Gurugram, Chandigarh, Nagpur, and Ahmedabad conexpoconagg .
The thought leadership piece concludes with India’s growth opportunity universe focusing on electronics and semiconductors, electric vehicles, and IT/ITeS wto.org .
India has emerged as a global bright spot economy, especially supported by robust 6% to 7% levels of GDP growth. As India continues on its vigorous growth trajectory, several macroeconomic trends will redefine its business and growth opportunities deutsche-boerse .
This analysis assesses in detail some of the country’s key long-term trends, with implications up to 2035 sgx.com . Fiinews.com
