Gurgaon most prosperous city in India, Chennai second: Report

Credit rating agency Crisil has confirmed what many had suspected for long: that newbie Gurgaon has emerged as the most prosperous city in the country, leaving the country’s financial capital Mumbai way behind.

Using ownership of consumer durables as a measure of prosperity, Crisil found Gurgaon has the largest proportion of households with all basic gadgets, including a computer or a laptop. The study covered the top cities in 16 states.

Gurgaon, with 27% of its households owning all gadgets, is sharply ahead of Chennai, which is second at 24%. Bangalore comes in a close third at 23.6%. Mumbai, however, trails way behind at 15.7%. Delhi, a city state, and union territories were not included in the study.

TV is the most popular consumer durable in Gurgaon — over 77% households have one. Almost a third of Gurgaon’s households own a computer or a laptop, and over 41% have a two-wheeler and nearly 30% a four-wheeler. Mobile penetration is also very high in the city with over 60% owning a mobile phone.

Vidya Mahambare, principal economist at Crisil, said the exponential growth of Gurgaon’s wealth could be attributed to the “high growth of financial, ITES and IT services in the city and a surge in its real estate prices”.

Despite having the richest concentration of households, Gurgaon has a significant number of poor households with almost 7% families in the city without any consumer durable at all. However, this is only 2.2% in the case of Mumbai.

The study also highlights that the high incomes in Gurgaon have selectively benefited only the skilled and educated workforce and those who own property.

Chhattisgarh capital Raipur has emerged as the poorest Indian city with only 4.6% of its households possessing all consumer goods against 21% with none at all.

Source:  The Times of India

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