While the government is chalking out a mega plan to build 100 smart cities, India’s industry seems to have already commenced the move away from the metros. An analysis of the locations of companies on the ET500 list shows that Corporate India is slowly, but steadily, shifting to the interiors.
Of the 101 cities which housed the registered offices of the ET500 companies, 21 weren’t on the list five years ago. Also, back then, fewer cities – 89 to be precise -hosted the 500 companies. This reflects the expanding base of corporate operations and the declining hegemony of metro cities.
Mumbai, a long-time favourite of the Who’s Who of Corporate India, is gradually giving in to cities such as Delhi, which are relatively easier to expand. In fiscal 2014, 134 of ET500 companies had their registered offices in Mumbai, compared with 138 in fiscal 2009. Delhi, on the other hand, hosted 74 in fiscal 2014, up from 69 five years earlier. The numbers have also fallen for other big cities including Bangalore, Chennai, Hyderabad and Kolkata. Among non-metros, Kochi added two new addresses, doubling its count to four. The drop was steeper at seven companies for Chennai, which hosted 31 companies from ET500 in FY14.
Towns such as Alwar and Bhiwadi in Rajasthan, Amreli and Valsad in Gujarat, Solan in Himachal Pradesh, Dandeli in Karnataka, Beed, Dhule, Kolhapur and Nashik in Maharashtra, Mohali in Punjab, Kovilpatti and Madurai in Tamil Nadu, and Bijnor in Uttar Pradesh have one company each on the latest ET500 list, compared with none in fiscal 2009.
Among the top tier-II cities, Pune retained its first rank, with 24 of the latest ET500 companies being registered there, followed with 18 in Ahmedabad and eight in Vadodara.
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