Bengaluru does not miss a chance to show its tech talent and that is what made it grab the top position in a London based survey of the world’s fastest-growing tech hubs. While London itself stands at the 2nd position, Mumbai in India is also among the top 10 and holds the 6th position. The survey says that investment in Bengaluru has increased manifolds since 2016 and now stands at a whopping $7.2 billion. India can only be proud of this!
Bengaluru grows 5.4 times while Mumbai grows 1.7 times since 2016
The survey report conducted by Dealroom.co, one of London’s international trade and investment agencies, suggests that the investment in Bengaluru has grown 5.4 times since 2016 and from $1.3 billion it now stands at $7.2 billion. While being the IT capital of India, Bengaluru showed this surge in investments, the economic capital of India, Mumbai is also not left behind and the investment there has grown 1.7 times from $0.7 billion to $1.2 billion within 2016-2020. London stands at the 2nd position with a growth rate of 3 times from $3.5 billion to $10.5 billion.
London’s Brexit deal is one of the significant reasons for putting both India and the UK in the top two positions
It is reported in the survey that the UK Brexit deal has helped to better the trade relations of both India and the UK and thus, made these two cities top the tech-hub list. “The UK government’s recent Brexit deal with the European Union brings certainty for Indian companies and investors looking to London and we look forward to welcoming more Indian businesses to the UK capital in the years ahead”, said the chief representative of India and London partners.
India and UK’s strong trade relationship likely to grow more in the coming years
The strong trade relationship between India and the UK has made the bond grow this much. The chief representative, Mr Hemin Bharucha further said, “It’s fantastic to see that Bengaluru and London ranked as the top two fastest-growing global tech hubs for VC investment. Our two great cities share mutual strengths in entrepreneurship and innovation – creating lots of opportunities for tech investors and companies to do business across both regions”. On the growing trade relationship between the two nations, he commented, “London has a strong trade and investment relationship with cities across India and today’s figures show the opportunities for future partnerships between the UK and India on technology. Despite the pandemic, tech companies in London and India are continuing to lead the way in creating game-changing technologies – especially in high growth sectors such as EdTech and Fintech”.
The PolicyTimes suggestion
- Topping the tech-hub chart is indeed a worthy achievement but Bengaluru, at the same time must also think of handling other issues like non-congestion of commute, pollution, women’s safety, and other such factors to make it worthy of people to work on the tech-hubs.
- The Bengaluru government must also make room for more greenery in and around the cities so that the growing office buildings do not come in between the environment. We must remember that protecting our nature is equally important as growing in technology.