"Business is attracted more towards Delhi as they prefer to be closer to the national government for clearances. But more important is the availability of infrastructural facilities which affect the cost of doing business," said Sangita Kamdar, an economics professor.
What did the study's results show?
In the analysis, Mumbai's urban region produced a GDP of $368 billion last year relative to the city's purchasing power parity.
Delhi, although, showed that it produced a GDP of $370 billion last year in terms of the capital's purchasing power.
The study showed that by 2030, both the cities will see better rankings, with Delhi at 11th rank and Mumbai at 14th rank.
Maharashtra CM looks to challenge the study's data
"I want to challenge these figures. From figures of the Reserve Bank of India, Economic Survey of India and Maharashtra, it is evident that Mumbai is ahead in terms of GDP and financial status. The MMR GDP is higher," responded Maharashtra's chief minister Devendra Fadnavis.