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India continues to be the fastest growing economy in the world, growing at about 7 per cent, and is on course to become the third largest economy in the world by 2027 outpacing Japan.
The growth is driven by a number of factors where the middle-class is seen to see huge growth in India, according to a report by The Economist Intelligence Unit .
Sharing details of the report on the sidelines of the NEC C&C User Forum & iExpo in Japan on Thursday, Simon Baptist, global Chief Economist of The Economic Intelligence Unit , based on a report on the 'Safe Cities Index 2017,' Security in a rapidly urbanising world, said the global economy is projected to grow at about 2.9 per cent in 2017 as against 2.3 per cent in 2016.
While China's growth is likely to be slow due to the Government reigning in credit and the first US recession in a decade predicted to arrive by 2020, India will be one of the economies that will continue to grow.
“Irrespective of any changes in the economy, we believe India will grow at over 7 per cent over the next decade and achieve higher growth rates. While the growth of the middle class will be key to driving this transformation in India, in China the transformation will be due to the growth of the middle-class to higher income groups,” he said.
The study shows that there would be steady growth in urbanisation by 2050 and this would be pronounced in Asia and Africa.
Referring to investments flowing into countries, he said investments are often made due to the promise a city holds rather than a country or a state in particular.
The EIU expanded the list of cities to 60 where Tokyo was ranked No. 1, followed by Singapore at No. 2, which was followed by Osaka in the Safe Cities Index. Delhi and Mumbai figured at 43 and 45 respectively.
He said while the Internet of Things (IoT) is a great boon for cities, it makes them vulnerable to cyber threats and ransom.
Walter Lee, Evangelist at NEC Corporation, shared how NEC was working on improving the quality of the life of people by improving the delivery of services in the areas of health, security and transport, among others.
(The writer is at the C&C User Forum & iExpo 2017 event on the invitation of NEC of Japan)
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