Mumbai, Delhi and Bangalore are world’s top commerce centers
According to a study titled Mastercard Worldwide Centres of Commerce Index, three Indian cities, Mumbai, New Delhi and Bangalore have been ranked among the 75 top centres of commerce in the world, reflecting the growing global economic clout of the Asian region. London has been ranked as the most influential city in the world in the 75 cities index.
However, it is stated that the future appears to belong to Asia and Eastern Europe, whose cities represent the fastest rising regions within the index. The index is an annual research initiative designed to evaluate and rank how major cities compare in performing critical functions that connect markets and commerce around the world.
The booming Chinese and Indian economies have clearly continued the shift of economic power to Asia. The strong presence of Asia/Pacific, Middle East and Africa cities is further evidence of the growing influence of the region not just in manufacturing and services, but also in broadly based commercial strength.
Mumbai is at the 48th position, New Delhi at 61 and Bangalore at 66th place. In comparison, China has five cities in the index including Shanghai, a rapidly growing and massive city that ranks 24th this year, up from 32 in the 2007.
The city whose score increased the most compared with London since last year is Moscow, followed by Singapore, Tel Aviv and Bogota all cities in new or emerging markets while no North American city advanced significantly in the index this year.
The top ten cities in the Worldwide Centers of Commerce include, London, New York, Tokyo, Singapore, Chicago, Hong Kong, Paris, Frankfurt, Seoul and Amsterdam.
The eight Asian cities which have been ranked in the top 25 centers of commerce, Tokyo, Singapore, Seoul, Sydney, Hong Kong, Osaka, Taipei and Shanghai rank among the top 25 Centers of Commerce, confirming Asia’s prominent role in the global economy.
The various dimensions on which the cities are ranked include, legal and political framework, economic stability, ease of doing business, financial flow, business center, knowledge creation and information flow and livability.