India will see the rise of two new metros – Jaipur and Surat – by 2018, with a household income of over Rs 800 billion by 2018, according to an EY report titled ‘India’s growth paradigm: How markets beyond metros have transformed’.
These cities are projected to record real GDP growth of 8.7% and 10.3% respectively from 2015-20, relative to metros’ 8.3%. As a result, both cities will cross the Rs 800 billion threshold within one to two years, with total consumption levels to reach 75%-80% of metros like Pune and Ahmedabad.
The report also identifies 42 new-wave markets, which are expected to grow at 8.9% as compared to the 8 metros that are expected to grow at 8.3% CAGR in the 2015-20 period. Read more