Why Mumbai Became the "Financial Capital" of Contemporary India
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‘The Land of Seven Islands’, Bombay aka Mumbai grew as a prime commerce center in the mid-seventeenth century. Under British Raj in India, it developed as a major western port establishment, especially in the latter half of the nineteenth century. Replacing Surat, soon it became an important administrative and industrial center of the state. Maratha’s hub Bombay grew as the leading commercial center of India under British rule, because of its dominance in the textile and overseas trade.
Post-independence, Bombay became one of the earliest cities in India to be industrialized. It also emerged as a center of a well-organized labor movement in the country.
Legacy of Bombay
Under British East India Company, Bombay emerged as a center of large scale civil engineering projects and a major commercial port. Extensive Arabian trade earned massive wealth for the Parsis, Gujarati Hindus, and Muslims communities in the city of Bombay. Trade and commerce provided Bombay an all-round growth and hence, it continued its progression as an attractive destination for business and employment in the country.
It was under the British rule when Bombay developed as a leading entertainment hub of India. ‘Raja Harishchandra’, a popular silent movie and the very first of India was made in 1913. Later in 1987, the film industry has India its major economic boom by employing over 520,000 people in the showbiz business.
Economic Importance of Contemporary Mumbai
Today, Mumbai is the ‘wealthiest city’ of India and highest GDP contributor of entire South, West and Central Asian cities. This cosmopolitan capital of Maharashtra is also country’s fourth most populous city with about 20.5 Million metropolitan residents. It is the leading commercial and industrial hub of modern India and accounts for over 25% industrial output, 5% of Indian GDP growth and over 70% of financial transaction in the current Indian economy.
The presence of major financial institutions such as the Reserve Bank of India, the National Stock Exchange of India, Bombay Stock Exchange, etc. has made it the commercial center of our nation. Mumbai has the largest bandwidth of international plus domestic businesses and accounts for maximum SMEs plus unorganized service sector in the country.
The increasing business opportunity and heavy financial flow have also contributed to the job growth in Mumbai, both for fresher and experienced professionals. Lately, Mumbai also emerged as the leading ‘Startup Hub’ of India. Entertainment industry of Mumbai is the biggest taxpayer in the state. The city of Mumbai is a prominent homeland of country’s maximum Billionaires and Millionaires.
Highlights
- Country’s top 10 commerce center.
- Approximately 5% GDP production.
- Approximately 20% industrial production.
- Approximately 70% maritime trade (comprising both, Mumbai Port Trust & JNPT).
- Approximately 70% financial transactions.