Bangalore tops as business hub, Chennai a close second
By Express News Service | Published: 22nd October 2013 07:18 AM |
Chennai is ranked second among the top 21 business destinations in the country, according to a recent ranking unveiled by the Global Initiative for Restructuring Environment and Management (GIREM), and a not-for-profit industry body, DTZ, a global leader in property services.
The report, which scored the cities across various economic, environmental and cultural parameters, ranked Chennai among the top five locations as the best to invest, with two major ports - Chennai Port and Ennore port - contributing greatly to its economy. Besides, around 30 per cent of India’s automobile industry and 40 per cent of auto components industry are based in the city. However, Bangalore is ranked above Chennai due to its high potential to attract talent, favourable weather conditions, good availability of office space suiting different income groups, efficient water management systems, high-quality education system and a welcoming, multifarious city culture, according to the report.
As per the report, Chennai has outscored Mumbai, the financial capital of India, as the city is a major industrial, cultural, commercial, economic and educational hub in South India.
It has a diversified economic base anchored by the automobile, software services, textile, medical tourism, hardware manufacturing, petro-chemicals, aerospace and financial services. Also, the city has a fully computerised stock exchange, the Madras Stock Exchange. It is also known as the ‘Detroit of India’ due to the huge automobile industry base here. With Chennai having the fourth largest Gross
Metropolitan Product in India, it has a very good and diversified talent pool available. All these factors make it a hot-spot destination for business investments, the report said.
The ranking has been developed in association with leading real estate consultancy DTZ. It rates the cities based on factors such as human capital, energy, water, transport, housing, healthcare, climate, office space availability and city culture, among others. These constitute the basic eco-socio-economic factors critical in determining the growth of the city.