February 10, 2021 6 min read Opinions expressed by You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The introduction of the elevator safety brake nearly 170 years ago made living and working in tall buildings possible. With this, cities became the centrifugal force for progress and urbanization. When you look at studies related to India, it is one of the fastest growing economies in the world. The Oxford Economics’ Global cities report estimates that 17 of the 20 fastest-growing cities in the world between 2019 and 2035 will be from India.
Studies have also shown that Indian cities are likely to contribute to 70 per cent of India’s GDP by 2030. This growth means that as cities accommodate even more people, we will need more buildings and taller ones at that, as land in cities become scarce. This bodes well for the elevator industry, as it offers solutions to carry people safely, efficiently and responsibly through tall structures.