New Delhi: Mumbai, considered as one of the largest metropolitan cities in the world, has been officially dethroned of its title as India’s economic capital, according to Oxford Economics.
In the data published recently, Mumbai ranks 31st among 50 top metropolitan economic entities in 2015 while Delhi has moved up one step ahead of Mumbai to claim the 30th ranking position.
Seen in terms of Purchasing Power Parity (PPP), Mumbai had a GDP of USD $368 (which amounts to approximately Rs 2.51 lakh crore).
According to the Times of India, the Mumbai extended urban agglomeration (EUA), consisting of Mumbai, Navi Mumbai, Thane, Vasai-Virar, Bhiwandi and Panvel, had a 2015 GDP of US $368 billion when seen in terms of purchasing power parity (PPP), using a 2012 PPP conversion rate of Rs 15.5 per dollar. Against this, the Delhi EUA, consisting of Delhi NCR, Gurgaon, Faridabad, Noida and Ghaziabad, had a GDP at PPP of $370 billion, taking it to 30th position in the global ranking. The definition of Mumbai makes it roughly correspond to the Mumbai metropolitan region (MMR), while Delhi EUA is smaller than the National Capital Region (NCR).
“Business is attracted more towards Delhi as they prefer to be closer to the national government for clearances. But more important is the availability of infrastructural facilities which affect the cost of doing business,” a Delhi professor said while confirming the news.