On November 22, 2019, The first-ever Prosperity & Inclusion City Seal and Awards (PICSA) Index 2019, commissioned by Basque institutions and compiled by D&L Partners, was released in the Basque Country capital of Bilbao in northern Spain. As per the index Bengaluru topped as India’s highest ranked city at 83rd position. While Delhi ranked 101st and Mumbai 107th in the index among the top 113 countries in the world in terms of Prosperity (GDP per capita and empirical quality of life measures) ,Socia inclusion (Personal safety, access to education, and access to ICT (Internet)) spatial inclusion (Affordability of housing, environmental quality, and access to healthcare) .
Switzerland’s Zurich topped the index with the overall score of 78.2.Top cities in the list:
i. In this,the host city Bilbao was ranked 20th & the top 20 countries in this index were awarded the PICSA seal in terms of inclusive prosperity.
ii.This study states that traditional measures of prosperity cannot be considered the right standard for measuring economic success. This is the reason why the world’s top wealthiest cities have not fared well in inclusive prosperity. London ranks 33rd on the rich cities and New York City ranked 38th position on the list.
iii. According to Forbes’ 2019 list, Mumbai also ranks among the 10 richest cities in the world. The report noted that many cities in Africa, Asia and South America ranked lower in this index as these cities face major challenges of poverty and inequality.
PICSA index :
It is the first non-commercial ranking index, finds new measures of economic productivity that differ from GDP (Gross domestic product) , which shows how well people are in the economy.
The cities were measured not only based on income, but on three pillars- access to opportunities (such as educational opportunities), non-income well-being of different social groups (related to diversity) & infrastructure and services of cities.