With a combined household income of over Rs 80,000 cr each by 2018, Jaipur and Surat are set to become new metros. This tag is speculated to be bagged by these two states by 2018.
The report also suggests that eight new ‘half-metros’ will bloom by 2020. Half metros are cities with a household income of Rs 40,000 crore each.
Eyeing at the progressive and persistent development drives initiated in Jaipur and Surat, this achievement was quite palpable. Both cities are slated to record real GDP growth of 8.7 per cent and 10.3 per cent respectively from 2015-20, relative to metros’ 8.3 per cent.
The consumption levels of these two cities will hover around levels of 75-80 per cent of metros like Pune and Ahmedabad.
“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,” said Ashish Pherwani, Media and Entertainment Advisory Leader, EY India.
Not only this, the report also suggests that 13 new-wave cities hint at a fast-paced growth opportunity, but remain untapped due to multitude of reasons. Infact, the report also noted down names of 13 cities namely Patna, Raipur, Warangal, Gwalior, Dehradun, Allahabad, Rajkot, Vishakhapatnam, Jodhpur, Vijaywada, Ranchi, Kota, and Jabalpur.
In the media segment, these two states will witness the largest upswing. Pherwani said that among media, the main growth will be of non-English TV and radio. He also stated that the print-media will see the highest growth in the new-wave cities. “These two cities have a very high youth ratio. We will see more Hindi channels coming up in the coming years in new categories. Digital will be more of an incremental growth,” he said.
Jaipur has tuned in to an unprecedented frequency of development and this is no exception. So is Surat which is world-famous for it’s impeccable textile industry.
