Hyderabad: Providing a major impetus to the State government’s initiative to make Hyderabad a global city, the capital has been ranked the fifth most dynamic city in the world, from among 134 cities assessed by global financial services firm JLL for its City Momentum Index (CMI).
The CMI, which is a key topic for discussion at the ongoing World Economic Forum annual meeting at Davos-Klosters, Switzerland, has Bengaluru at the No.1 spot, with only Hyderabad at No.5 being the other Indian city in the top 10. Pune, Chennai, Mumbai and Delhi too made it to the top 30.
Hyderabad’s surge to the elite top 10 on the index came after an assessment of 42 variables, including recent and projected changes in city gross domestic product, population, corporate headquarter presence, commercial real estate construction and rents. Other factors included education, innovation and environment.
Home to IT giants
Factors like Hyderabad turning a second home to giants in information technology like Facebook, Amazon, Microsoft, Google, Apple, Qualcomm and Uber, to mention a few, were obviously considered, with JLL pointing out that cities on the CMI shared ‘ability to embrace technological change’, ‘absorb rapid population growth’ and ‘strengthen global connectivity’.
Jeremy Kelly, JLL Director of Global Research, in his report on the CMI says these cities were now becoming ‘more tightly networked and most are outperforming their national economies’.
“A shift to high-value activities helped drive momentum in ‘Agile High-Value Emerging Cities’. Standouts include megacities such as Shanghai and Beijing, and technology hubs such as India’s Bangalore and Hyderabad, and China’s Shenzhen,” a JLL handout on the CMI says.
The full findings of the JLL research will be published on February 1.
“The CMI highlights that, despite various political upheavals and ongoing economic uncertainties, many cities continue to show impressive dynamism. Keys to their success are the agility and openness that enable them to adapt quickly to each new wave of global change,” notes Kelly.
The overriding factors that characterize the world’s most dynamic cities are technology and innovation, and cities that best absorb, adapt and leverage these drivers come out on top, he adds.
Happy to be among top 10 but have room to grow more. Glad our own Bengaluru is rated 1 https://t.co/1Z9QX0WDIl
— KTR (@KTRTRS) January 17, 2017
Incidentally, the United Nations World Cities Report 2016, also being discussed at the WEF, says India, with five mega-cities now, will have seven megacities by 2030. The two predicted to become mega-cities by 2030 are Hyderabad followed by Ahmedabad.