London, August 12: A study by Oxford Economics revealed that Delhi is the fastest growing city in Asia. The study predicted that the Indian city-state is likely to become almost 50% larger in 2021 than it was at 2016-end.
“Limits on foreign ownership of Indian companies are gradually being reduced or eliminated,” wrote Mark Britton, lead economist on the report. “In the short term this is conducive to strong growth in Delhi’s professional services sector, as overseas investors seek advice on possible deals, while long term it should mean steady income streams for such businesses.”
Oxford Economics’ research, released in conjunction with BloombergQuint, ranked Asia’s 30 largest cities, with six of the top 10 being located in India i.e Delhi, Chennai, Mumbai, Hyderabad, Kolkata and Bangalore.
Meanwhile, China's expansion will slow, although the largest five cities will still be recording growth rates of 6 percent or more. There will be a slight slowdown across the region amid moderating import demand from China, with growth expected to average 4.2 percent per year over the five years to 2021, down from 4.5 percent in 2012-2016.