As a developing country, India has established itself as a creative hub and a large marketplace for business sharks. Along with foreign investments, India has its own flavour and numerous types of major and small businesses that have given India the potential to become a $ 5 trillion economy.
India is becoming a rising economic powerhouse. Because of their strong industries, thriving economies, and rising employment prospects, some of India’s main cities are also regarded the richest cities. We have ranked the richest cities in India based on their GDP, investment, infrastructure, job possibilities, business environment, and style of living in this article.
Richness criteria for ranking cities
Several elements must be considered when analysing a city’s wealth and success. A thorough grasp of these aspects allows us to obtain insight into a city’s economic strength and growth potential. In this section, we will go over some of the most crucial criteria utilised to rank India’s wealthiest cities.
Gross Domestic Product (GDP): GDP is a key economic statistic that measures the total monetary worth of all products and services produced in a certain location over a specified time period. It is critical in determining a city’s economic vitality, productivity, and development trajectory. A high GDP indicates a healthy economy, making it an important criterion for ranking cities based on their wealth.
Per Capita Income: Another important indicator is per capita income, which shows the average wages of each city’s residents. This statistic helps to assess the city’s population’s standard of living and general well-being. Cities with higher per capita incomes often provide superior living conditions, access to quality education and healthcare, and an improved quality of life, all of which contribute to the city’s overall wealth.
Employment Opportunities: The presence and range of employment opportunities have a substantial impact on a city’s wealth. Cities with robust industry and a stable job market attract competent workers, supporting economic growth and prosperity. A low unemployment rate, combined with plentiful opportunities in various industries such as finance, technology, and manufacturing, is important in determining a city’s wealth.
Infrastructure: The condition of a city’s infrastructure is critical to its growth and economic advancement. The overall wealth and popularity of a city are directly influenced by the quality and efficiency of its transport systems, utilities, and public services. A well-developed infrastructure not only supports existing sectors, but also attracts new investments and firms, fueling economic expansion and enhancing the city’s wealth.
Quality of Life: The entire quality of life in a city is an important aspect of its wealth. This includes education, healthcare, safety, recreational facilities, and environmental norms. A good quality of life reflects the city’s riches and makes it an appealing location for professionals, entrepreneurs, and visitors, contributing to the city’s economic growth and prosperity.
Business Environment: The attractiveness of a city’s business environment has a significant impact on its wealth. A positive business environment, typified by supportive government policies, minimum bureaucratic barriers, and unrestricted access to resources, attracts investments and fosters entrepreneurial activities.
Here are the list of richest cities in India:
Mumbai
Mumbai, the state capital of Maharashtra, is also the country’s financial hub. The “city of dreams” is Mumbai. Bollywood has long been recognised as the city’s most glamorous and dynamic sector. The city is home to the wealthiest business tycoons and nearly every Bollywood celebrity. As a result, it serves as a hub for unique financial transactions and circulations. In India, Bollywood is a religion, and fans revere their favourite performers. People come in with their money to spend on amusement and pleasure. This sector contributes significantly to the city’s and state’s economies. Visitors are lured here not only by Bollywood but also by its cultural richness, which includes the East Indian population, the Parsi community, and the Kolis.
- GDP: USD 310 trillion
- Major industries: Bollywood, Textile, automobile manufacturing, pharmaceuticals, metals, food processing, electronics. The textile industry is the most contributing of all.
- Tourist places: Gateway of India, Elephanta caves, Kanheri caves, Chhatrapati Shivaji Terminus, Haji Ali Dargah
Delhi
New Delhi, also known as the National Capital Territory of Delhi in India, is the country’s most populated metropolis. It is claimed to be the pinnacle of modernity, progress, and quick living. As the political capital, Delhi is home to all of the world’s most important political figures and officeholders, including the President, Prime Minister, and distinguished ministries. New Delhi has a long history, and the city’s tourist industry contributes significantly to its economy. Aside from that, Delhi is a metropolitan city that draws people from all across the country. With ever-increasing rates of urbanisation, the city accommodates everyone and provides economic benefits.
- GDP: USD 167 billion
- Major industries: Tourism, banking, hotels and hospitality industry, manufacturing industry, telecommunication.
- Tourist places: India Gate, Akshardham Temple, Red Fort, Jama Masjid, Qutub Minar, Humayun’s tomb.
Kolkata
Kolkata, West Bengal’s capital city, is one of the world’s largest metropolises. “City of Joy,” known as the country’s cultural capital, unavoidably conjures up images of Tagore and British India. Kolkata entices nostalgia seekers with Bengali food and Chinese food in the Chinatown neighbourhood. The tourism industry drives its economy. As a port city, its harbour serves as a hub for extreme commercial exchanges, which contributes to the city’s economic prosperity.
- GDP: USD 150 billion
- Major industries: Mining, heavy engineering, cement, agriculture, food processing, textile, jute.
- Tourist places: Victoria Memorial, Howrah Bridge, Kali ghat, Nicco park, Indian Museum, Marble Palace.
Bengaluru
Bengaluru is the state capital of Karnataka. Bengaluru, also known as “India’s Silicon Valley,” is the perfect tech nerd destination. The city is well-known as an IT (Information Technology) hub. Furthermore, the profitable metro network earns a lot of money. The city is also known for its numerous theme parks and vibrant nightlife, making it an ideal weekend getaway.
- GDP: USD 83 billion
- Major industries: IT sector, banking and finance, steel and cement production, mining, automobile manufacturing.
- Tourist places: Golden Chariot, Lalbagh Botanical garden, Bangalore palace, Cubbon park, Nandi Temple, Tipu Sultan’s Summer Palace.
Hyderabad
It is the state capital of Telangana. Hyderabad appears as a focus of history and architecture, with a rich historical record. It is also known as the “city of pearls and biryani” due to the opulence brought to the city by the Nizams and the world-famous Hyderabadi Biryani. Students are encouraged to come to the city to pursue their higher education because of its booming education sector and developing infrastructure. This influx encourages increased monetary transaction, making it a wealthy metropolis. The Telugu film industry has established a base in the city, providing it with ample recreational and commercial opportunities.
- GDP: USD 74 billion
- Major industries: Manufacturing, education sector, tourism.
- Tourist places: Charminar, Golconda Fort, Hussain Sagar, Salar Jung Museum, Ramoji film city, Birla Temple.
Chennai
Chennai is the capital of Tamil Nadu and is located on the Bay of Bengal. Chennai is historically and culturally rich and diversified, owing to its magnificent history and significance as the Madras Presidency during British administration. Apart from being a pioneer in art, culture, and music, Chennai attracts industrialists just as much as artists.
- GDP: USD 66 billion
- Major industries: Tourism, software services, automobile, medical sector, hardware manufacturing.
- Tourist places: Marina beach, Government’s museum, Kapaleeshwara Temple, Fort St. George, Guindy National park.
Ahmedabad
It serves as the state’s commercial capital. The city is well-known for its markets for gems and diamonds. It is also well-known for Gandhi’s Ashram on the banks of the Sabarmati River. The city is also well-known for its cuisine, particularly the Rajwadi Gujarati thali. Ahmedabad is yet another holiday option for anyone looking to immerse themselves in Gujarat’s vibrant culture. During the Navratri holiday, the city comes alive and gets high on Garba music. The city’s economy benefits from its transit network as well as its gem and textile sectors.
- GDP: USD 64 billion
- Major Industries: Textiles, petrochemicals, pharmaceuticals.
- Tourist places: Sabarmati Ashram, Kankaria Lake, Adalaj stepwell, Bhadra Fort, Sidi Bashir Mosque.
Pune
Pune is a prominent city in Maharashtra that has developed itself as an educational and information technology powerhouse, providing many job opportunities and assuring a good quality of living. It is one of India’s wealthiest cities, having a thriving economy supported by a diverse range of sectors. Furthermore, it draws a huge number of migrants, which contributes to growing economic activity.
- GDP: USD 48 billion
- Major industries: Automotive, Chemical industries, Education sector, food processing, electronics
- Tourist places: Shaniwar Wada, Aga Ali Palace, Singahad fort, Parvati Hills, Rajiv Gandhi Zoological park
Surat
The city is located on the banks of the Tapi River in the Indian state of Gujarat. Import-export trade takes place through its harbour due to its geographical location. Surat is still the heart of the diamond and textile markets. It is also regarded as one of India’s cleanest cities. It is also known as “the diamond city” and “the green city.” Because the city has an almost 0% unemployment rate, many people from other cities relocate here in quest of better job prospects.
- GDP: USD 40 billion
- Major industries: textiles, chemicals, dying and printing, diamond cutting, zari making, manufacturing of machines and equipment
- Tourist places: Dumas Beach, Amaazia water park, Gopi Talav, Surat castle, Dutch Garden, Ambika Niketan Temple, Sardar Patel Museum
Visakhapatnam
It is a port city in the Indian state of Andhra Pradesh on the Bay of Bengal. The beaches and temple architecture of the city are well recognised. It is most generally known as Vizag, a moniker given by the British since they found it difficult to pronounce such a long name. Its magnificent beaches bring in enough tourists to support the local economy.
- GDP: USD 26 billion
- Major industries: Fishing, petrochemicals, Fertilizers and polymer industries, tourism
- Tourist places: Ramkrishna Beach, Kailasagiri, Rushikonda Beach, Indira Gandhi Zoological Park, Bheemili Beach, Yarada Beach.
Here’s a look at the top 10 richest cities in India, as well as the reasons why they made the list. From the city of dreams Mumbai to the city of ports Vizag, their economies, the most profitable and pushing industries in the city, and some must-see tourist attractions all contribute to the nation’s overall economic benefits.