Bengaluru’s broad ecosystem of innovation offers multiple opportunities for future growth reflected in the rise of new-age technology companies across sectors including artificial intelligence, food tech, fintech, and robotics, says a wealth report by Knight Frank said.
The report says that cities in India are often overshadowed by the success of Mumbai but Bengaluru is expected to disrupt this narrative. Over the next five years, Oxford Economics data indicates that real GDP of Bengaluru will grow by almost 60%.
The city is home to companies including Flipkart, Infosys and Wipro, and over 400 multinationals including Microsoft, Hitachi and Samsung have bases there. This is supported by the fact that the city has been grossing the country’s highest office absorption volume consecutively for the last ten years.
The report has shortlisted five urban cities across the world that it believes will increasingly attract investors over the coming years. Those five cities are Bengaluru, Hangzhou, Stockholm, Cambridge and Boston.
To identify these urban centers, the report has considered factors that will support wealth creation including innovation indicators, wealth forecasts and economic growth, and those aspects that improve a city’s growth prospects, such as infrastructure.
Besides, Bengaluru has made a commitment to creating a knowledge economy by investing in education centers, including the Indian Institute of Management, Bengaluru, the Institute of Science and the National Aerospace Laboratories.