Economy of Mumbai

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The Bandra-Worli Sea-Link

Skyline of Mumbai across Back Bay

Bombay Stock Exchange

Mumbai, Maharashtra is the entertainment, fashion and commercial centre of India. Mumbai is the largest economy in India. Mumbai's Nominal GDP is $250 Billion ^[1][2] & GDP (PPP) is $400 Billion.^[3] It is the richest Indian city and 12th richest city^[4] in the world with a netwealth of around $ 1 trillion with 46000 millionaires and 56 billionaires.^[5] Mumbai accounts for slightly more than 6.16% of India's economy contributing 10% of factory employment, 30% of income tax collections, 45% of Entertainment Tax, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade , 100% of stock market assets and rupees 80,000 crore (US$20 billion) in corporate taxes to the Indian economy.^[6]

Headquarters of a number of Indian financial institutions such as the Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, the Mint, as well as numerous Indian companies such as the Tata Group, Essel Group and Reliance Industries are located in Mumbai. Most of these offices are located in downtown South Mumbai which is the nerve centre of the Indian economy. Many foreign establishments also have their branches in the South Bombay area.

Mumbai is the world's 17th largest city by GDP.^[7][8] Mumbai was ranked among the fastest cities in India for business startup in 2009.^[9] Mumbai has a GDP per capita of $11,890.^[10]

Occupations[]

Mumbai has traditionally owed its prosperity largely to its textile mills and its seaport till the 1980s. These are now mostly replaced by industries employing more skilled labour such as engineering, diamond polishing, healthcare pharmaceutical marketing and information technology. Mumbai is also the primary financial centre for India, both the major Indian stock exchanges (BSE and The National Stock Exchange), brokerages, asset management companies (including majority of the mutual fund companies), headquarters of most Indian state-owned and commercial banks, as well as the financial & monetary regulatory authorities of India (SEBI and RBI among other institutions).^{[citation needed]}

As Mumbai is the capital of Maharashtra, government employees make up a large percentage of the city's workforce. Mumbai also has a large semi-skilled labour population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such proletarian professions. The port and shipping industry too employs many residents directly and indirectly. Like most metropolitan cities, Mumbai also has a large influx of people from rural areas looking for employment.^{[citation needed]}

The entertainment industry is the other major employer in Mumbai. Most of India's television and satellite networks are located in Mumbai, as well as the major publishing houses. A large number of the Hindi and English television shows are produced in Mumbai. The Hindi movie industry, known by some as Bollywood, is also located in Mumbai, along with the largest studios and production houses. To add to this, most major advertising companies operating in India also have their primary office in Mumbai.^{[citation needed]}.

Industries[]

Mumbai is one of the ten largest trading centres in the world in terms of global financial flows, generating ca. 6% of Indian GDP and accounting for 25% of industrial production, 70% of Indian maritime trade and 70% of capital transactions for the Indian economy.^[11]

Several major Indian companies are headquartered in Mumbai. The three largest private companies in India, Tata Group, Reliance Industries, and Aditya Birla Group, are based in Mumbai. Below is a list of some of these major companies:

Consumer Goods Industries[]

Mumbai is home to some of India's largest consumer packaged goods companies like Hindustan Unilever,^[12] Procter & Gamble,^[13] Nivea,^[14] Colgate-Palmolive,^[15] Godrej Consumer Products ^[16] and many more.

Services[]

Tourism[]

The World Travel & Tourism Council calculated that tourism generated US$3.9 billion or 3.2% of the city's GDP in 2016 and supported 637,900 jobs, 7.3% of its total employment. The sector is predicted to grow at an average annual rate of 8.8% to US$9 billion by 2026 (3.1% of GDP). Mumbai's tourism industry accounted for 5.4% of India's total travel and tourism-related GDP in 2016, and employed 2.4% of the country's total workforce.^[17]

Foreign tourists accounted for 35.7% of all tourism-related spending in Mumbai in 2016. Nearly one-fifth of foreign tourists visiting the city come from the United Arab Emirates.^[17]

Other[]

Below is a list of major industries located in Mumbai:

• Hindi film industry
• Automotive parts
• Utensils
• Biscuits (Cookies)
• Clothing
• Textile mills
• Pencils
• Tractors
• Pharmaceuticals
• Import
• Export
• IT
• Health Care

See also[]

• Make in Maharashtra

References[]