Here’s a piece of information that is going to delight every Indian out there. According to the Bengaluru Innovation report, Bengaluru is slated to be the fastest-growing city in terms of GDP in the world until 2035. The same report expects Bengaluru to grow at 8.35 % p.a. The Bangalore Innovation Report was jointly released by the institutional investors Accel Partners, 3one4 Capital, and IdeaSpring Capital.
As per the report, India will become home to a whopping seventeen cities out of the top twenty across the world. In this report, 780 major cities were taken into account.
What makes Bengaluru special?
It comes as a great surprise that Bengaluru has managed to trump major cities like Singapore, Shanghai, New York City, Chicago, and London etc.
This achievement can be credited to the multi tenure efforts of the Karnataka State government who have transformed the city into a bastion of technology. Things didn’t change overnight.
Seeds of this achievement were sown in the last century when the government focussed a lot on higher technical education. This has resulted in a massive engineering college population of the city, which is 5 times more than that of Delhi and 1.7 times more than Mumbai. Around 44% of migrants moving to the city have tech skills as opposed to 12% for Delhi and 11% for Mumbai. Bangalore has 70% of engineers less than 35 years of age.
Bangalore is a runaway winner in the digital spending matrix.
If you are looking for a job, Bangalore is the place to be.
Bangalore, which has now become a breeding house for unicorns, is witnessing a gradual rise in the merger and acquisitions of start-ups. According to curly tales, In the last 5 years, it has witnessed over 330 such activities. Since 2016, it has more tech start-ups than Mumbai and Delhi combined. According to a report by Yourstory, Bangalore also trumps other cities in the soonicorns matrix. A soonicorn is a start-up with a valuation of more than $100 million or one that has received more than $500 million in funding. The city of Bengaluru has a whopping 64 such companies out of the total 148 present in the country. Some of the soonicorn include Razorpay, Meesho, Dunzo, Zoomcar, Rapido, Licious, and Practo.
Is it a one-pony race?
From what it looks like is that the city of Mumbai is keen on acquiring this coveted tag. According to Reuters, the Government of Maharashtra has placed huge chips on the idea of all-night shopping to create jobs and boost the economy from the current economic slump for the city that never sleeps.
As per current regulations, all stores are required to shut by 10 pm, while restaurants have to shut by 1:30 am, at the latest. The new law will exclude pubs and bars, which will still be required to shut down at 1.30 am. It would be interesting to see whether malls and major retail store adopt this idea or not due to additional operational cost that incurs. Cities like Shanghai and New York are all in on this idea with most stores offering this facility. Although some smaller Indian cities have scrapped retail, trading hour limits Mumbai will be the first major city to allow 24-hour trading