A matter of pride, Bengaluru has been conferred with the title of fastest-changing city in the world. A list of dynamic cities was published in the fourth Annual Meeting of World Economic Forum held in Davos, Jones Lang LaSalle (JLL).
According to JLL City Momentum Index, Bangalore or Bengaluru is the fastest changing city, a feat it has achieved over many established global IT capitals like Silicon Valley and London.
Only six Indian cities have made it to the world’s 30 most dynamic places that have the ability to absorb rapid population growth, embrace technological change, and strengthen global connectivity.
The title was conferred to the city based on 42 indicators which included:
Short Term Momentum:
- Economic Output
- Retail Sales
- Air Connectivity
- Corporate Headquarters
- Foreign Direct Investment
Commercial Real Estate Momentum:
- Investment Transactions
- Higher Education Infrastructure
- Innovative Capability
- International Patent Applications
- Technology Firms
- Environmental Quality.
Cities in India, Vietnam, and China along with other cities in the United States head the list of the world’s fastest changing cities.
40% of India’s IT industry is located in Bangalore. The presence of International IT giants along with the largest number of high-tech start-ups of any Indian city contributes to the growth process.
International business giants such as Apple, Amazon and Salesforce have set up shop in Bengaluru which is already a giant hub of domestic firms like Infosys, Ola or other startups like Big Basket or secondhand e-retailer Quikr.
- Bangalore aced the list followed by Ho Chi Minh City (Vietnam), Silicon Valley (USA), Shanghai (China), Hyderabad (India).
- London which maintained the first stop from two years fell to spot number 6.
- 6 Indian cities that made it top 30 cities in CMI are Bangalore, Hyderabad, Pune, Chennai, Delhi and Mumbai.
- Asia Pacific cities comprised of the top 30 fastest-changing cities. India has taken over from China as home to some of the world’s most dynamic cities. Six Indian cities featured in the City Momentum Index Top 30, with Bangalore moving into the top spot for the first time.
- ‘Established World Cities’ integrate technology into their existing economies which included London, New York, Paris and Los Angeles. London fell from the top spot. It has remained resilient following the Brexit vote but retained top 10 ranking.
- Cities like Silicon Valley, Austin, Boston, Seattle, San Francisco and Raleigh-Durham in the U.S.; Melbourne and Sydney in Australia; and Dublin and Stockholm in Europe, are supported by the favourable quality of life, robust infrastructure, and transparent business practices. It boosts the momentum and real estate market activity.
- Cities such as Shanghai and Beijing and technology hubs such as India’s Bangalore and Hyderabad and China’s Shenzhen witnessed a shift into high-value activities that helped drive momentum in ‘Agile High-Value Emerging’.
- Expansion of rapid consumer market, low costs and high levels of foreign direct investment (FDI) characterise ‘High Potential Cities such as Ho Chi Minh City and Hanoi in Vietnam, as well as East Africa technology hub Nairobi in Kenya.