Jaipur to boast of a household income of over Rs 800 billion by 2018.
Jaipur: In a report that breaks the monopoly of tier-1 cities in terms of attracting investment, international consultancy firm Ernst and Young (EY) has named Jaipur as the ninth top investment destination in India.
The report surveys 50 Indian cities and ranks Surat at eighth position, Jaipur at ninth, Kota at 23rd in terms of top cities for investment.
The report says that India will see the rise of two new metros – Jaipur and Surat – by 2018, with a household income of over Rs 800 billion.
The report titled ‘India’s growth paradigm: How markets beyond metros have transformed’ said these metros are projected to record real GDP growth of 8.7% and 10.3% respectively, from 2015-20, relative to metros’ 8.3%. As a result, both cities are expected cross the Rs 800 billion threshold within one to two years, with total consumption levels reaching to 75%-80% of metros like Pune and Ahmedabad.
Ashish Pherwani, Media and Entertainment Advisory Leader, EY India says, “Non-metro growth is out-stripping that of metros in India. There are clear cases of unmet demand in India’s top 50 cities in certain sectors. This provides a huge opportunity for various sectors to both widen and deepen marketing strategies, and effectively tap into one of the world’s largest earning populations.”
The report also highlights 13 new-wave cities that represent a high-growth opportunity, but are largely untapped. Jodhpur and Kota in Rajasthan have been put under this category.