Surat’s household income highest in Gujarat: Study

SURAT: The personal household disposable income in Surat, which was Rs4.57 lakh in 2008, has risen to Rs10.80 lakh ($14,900 per annum) in 2018.


A study by National Council of Applied Economic Research (NCAER) and Future Capital Research’s Roopa Purshottam had in 2008 said that the city’s personal household disposable income of Rs4.57 lakh happened to be highest in the country.

Ironically, though the city’s personal household disposable income has risen to Rs10.80 lakh as per a study done by Oxford Economics, a leader in global forecasting and quantitative analysis, it is now ranked fifth in the country.

Last year, Ernst & Young (EY) India, one of the largest professional service firms in the world that offers assurance and consulting services, had put Surat and Jaipur as the two new metros of 2018 with a household income of over Rs800 billion.

Surat is projected to record real GDP growth of 8.7 per cent from 2015-20 by EY. The common observation of the three professional organizations has been the continuous growth of the Diamond City.

Oxford Economics has credited the city’s growth to the high net value earning in diamond industry, increased value of remuneration in textile business and service sector. In the last one decade, service sector has grown phenomenally in Surat.

The growth of healthcare and hospitality sectors in the city has hovered around 11% per annum in the past one decade. The country’s growth rate has averaged around 7 per cent in the last one decade, but Surat has had a consistent annual growth rate of over 10% during this period.

Dr Kiran Pandya, professor and head, department of human resource development,

Veer Narmad South Gujarat University

, said, “When service segment and realty provide additional boost to city’s original businesses of diamonds and textiles, its growth has to be stupendous. Population in the city has crossed over 50 lakh and if it still is able to maintain this growth, this has to be unparalleled in the country and a major reason for it stealing the limelight. A simple marriage that cost Rs4 lakh a decade ago will entail an expense of Rs10 lakh in the city now. As earning increases, spending too goes up.”


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