Surat, The Diamond City, aims to become $1.3 dollar economy by 2047
791 sats \ 9 comments \ @Coinsreporter 20 Sep econ
Surat is a city in the most developed state of Gujrat in India. It's not the biggest of cities but it holds a prime place in India's economy. It's the city famous worldwide for its diamond and textile business. The city contributes nearly $60 billion to India's $3.5 trillion GDP.
Some of you might ask how Surat can be a trillion dollar economy within the next week 20 or 25 years. The answer lies in Surat's YOY growth which has remained between 30% to 40% in the last 10 years. Additionally Surat has seen a rapid development in its infrastructure under Modi's India and the industries here have flourished consequently.
The government has recognised Surat's potential and by adding a few districts, it has been given a Special Economic Region' yag. The Surat Special economic region has a total population of 15 million people and an economy nearly $72 billion. While Surat has been a hub for diamond, textile and chemicals, the roadmap will further insist on tourism and agro-processing potential for this city.
To conceive the expectation of making Surat a trillion dollar economy and a global hub of diamond and textile, government has today launched a roadmap. This roadmap will be monitored and audited on a regular basis.
"The PM said that every state should prepare a vision document and with the support of NITI Aayog, Gujarat is the first state to make a vision document," said B V R Subrahmanyam, CEO of NITI Aayog. Explaining the growth hub concept, he said that to realize the $30 trillion economy target, cities will be growth engines. "Nearly 1.5 crore people live in SER, comprising six districts, and its GDP stands at $72 billion, nearly 25% of Gujarat's gross domestic product. This region holds great potential, and that is why we have chosen it under the G-HUB initiative," he said. Source
Along with Surat, NITI Aayog has identified Mumbai, Varanasi, and Visakhapatnam as growth hubs.
The roadmap was launched yesterday. and I see it as a big postive turnaround with many such economic zones needs to be developed if ever India wants to be a developed nation.
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121 sats \ 0 replies \ @Golu 21 Sep
It's true Surat is the most important place right now in india for economy
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30 sats \ 7 replies \ @Undisciplined 20 Sep
A trillion dollar economy would look roughly like 20 million people who earn about $50k per year, That seems ambitious, but not impossible.
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66 sats \ 6 replies \ @Coinsreporter OP 20 Sep
You know India has 1.5 billion people currently and Outta them almost half are 1/3 are working age group. This is one big factor for India's growth. 20 million people with $50k, I can't say. But what about a 100 million with $10k, or 200 m with $5k, or 500 m with just $2k. It'll be faster than everyone's guess. I believe, it will be in before 2050 at least.
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20 sats \ 5 replies \ @Undisciplined 20 Sep
I didn't know what kind of population might be reasonable for this city. Tokyo is the largest in the world at about 30 million, so I didn't want to go any higher than that for the estimate.
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61 sats \ 4 replies \ @Coinsreporter OP 20 Sep
The SER has more than 20 million people who are proper residents of that place. And you can add at least 5 million who live there temporarily for work. So 25 million.
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20 sats \ 3 replies \ @Undisciplined 20 Sep
Ok, so if they can get to around $40k in 25 years that would do the trick. Not knowing more than what's in the post, that doesn't seem super far fetched. Many cities on the Chinese coast attained something like that level of prosperity more than a decade ago.
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63 sats \ 2 replies \ @Coinsreporter OP 20 Sep
It won't be like 25 million earn 40k but there will be some who will be contributing in billions to the GDP, some in millions and then some in Ks. So, it can happen.
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20 sats \ 1 reply \ @Undisciplined 21 Sep
Exactly. I'm just guestimating here, but I'd think median income would need to be at least $10k.
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77 sats \ 0 replies \ @Coinsreporter OP 21 Sep
Yes, I agree. And it wouldn't be too hard to achieve as Surat is already a city which deals in diamonds. Also the Gujrati people are very intelligent businessman and currently the richest, so $10k in 2040 or 2050 won't be a big deal.
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