Chennai: Chennai has made it to JLL’s City Momentum Index (CMI) top 30 list of dynamic cities globally. While the city’s ranking at 18 is behind its peers such as Bengaluru and Hyderabad, which were ranked at number 1 and 5, it is still ahead of Delhi and Mumbai, which are placed 23 and 25.
Dynamic labour markets help fuel some “emerging megacities,” such as Chennai, Manila, Delhi and Mumbai, said JLL, even as it noted that these cities “face significant infrastructure and quality of life issues, with high levels of inequality, congestion and pollution hindered by weak city governance.”
JLL, which ranks 132 global cities based on their ability to embrace technological change, absorb rapid population growth and strengthen global connectivity, said that Indian cities were game changers. “Cities in India, China and Vietnam, along with several in the US, head the list of the world’s fastest changing cities. With the addition of Chennai, Mumbai and Delhi, India has taken over from China as home to some of the world’s most dynamic cities,” said JLL, which added that the Asia-Pacific has half of the top 30 fastest-changing cities.
The report cited Bengaluru’s number 1 ranking coming from the fact that the “Silicon Valley of India effectively combined a mix of research institutes and higher education establishments to create a solid and sizeable IT cluster. With 40% of India’s IT industry located in the city, the presence of international IT giants, together with the largest number of high-tech start-ups of any Indian city, is providing added impetus to Bangalore’s entrepreneurial growth.”
“With more than half the world’s population currently living in cities, a proportion that is expected to grow substantially over the next few decades, the success of our cities takes on great importance. The CMI highlights that, despite various political upheavals and ongoing economic uncertainties, many cities continue to show impressive dynamism. Keys to their success are the agility and openness that enable them to adapt quickly to each new wave of global change,” said Jeremy Kelly, JLL, director, global research, JLL.
Technology continues to be a major driver of momentum in the world’s 30 fastest-changing cities as these provide fertile environments for innovation and successfully integrate into global networks, often outperforming their national economies, said JLL.