Bengaluru Only Indian City in Global List for FDI
Bengaluru, was placed 13 in the top 30 global cities of the future ranking, in the global economy and foreign direct investment (FDI), which was released by Knight & Frank. While hailing the recognition, industry captains pointed out to the government that a lot more needs to be done to sustain and improve the city. Singapore topped the list for the fourth consecutive time, followed by London and Dubai. Bengaluru is the only city in the country to make it to the list. The challenge, however, is to ensure that it is sustained and improved. T V Mohandas Pai, chairman, Manipal Global Education Services, said, “Bengaluru has the highest number of people in technology -- around 20 lakh people. It has 25,000 IT companies and gets $5-6 billion FDI every year.” Karnataka has a start-up policy and a start-up vision group, which is being followed by the Centre now. The finance ministry should improve investments to start-ups so that other Indian cities like Pune and Hyderabad too get recognition. Bengaluru has a good natural start-up ecosystem and the talent pool here is very good. Every institution has created an incubation centre, the city has many unicorns and majority of philanthropic capital investment goes to startups. A similar system is missing in other cities. Bengaluru also has the risk-taking appetite which makes it an ideal place, she added. What has happened in Bengaluru is coming together of the ecosystem, government, traditional large industries (like Wipro and Infosys), startups and R&D. The energy is all-pervasive, creating the right environment. The millennial youth and the cosmopolitan city make it an ideal fertile land.
Tags : News/Views Bengaluru FDI Indian City Global List