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Now as we all know, Mumbai is the economic powerhouse of the country, the biggest platform for employment in almost every sector conceivable, right from manufacturing, trading, banking and finances to films, entertainment, music, media, tourism and what not! The question is, what makes it such a powerhouse in the entire lexicon of the country. To put it simply, Mumbai or Maximum City as we fondly call it, is the country’s financial capital.
The Securities and Exchange Board of India (SEBI) has its head office here and so does the apex bank, the Reserve Bank of India (RBI). Mumbai is the biggest hub for the banking sector with all major banks having their headquarters here. Mumbai is also a major financial hotspot for several global financial zones. Mumbai’s strategic location and time difference with other global trading hubs like Tokyo, New York and London make it eminently suitable for trading.
As per several reports, Maharashtra, of which Mumbai is the capital, has contributed a GDP of INR 27.96 lakh crore or roughly US$390 billion for the FY2018-19 so far and is number one in the list of States accounting for the most GDP in India. Mumbai, naturally, accounts for a major chunk of the same. Mumbai is home to all the country’s top global MNCs and leading private and public sector companies. 3 of India’s biggest companies, namely the Aditya Birla Group, Reliance Industries and Tata Group have their headquarters in Mumbai. Some of the other top companies in the island city include Hindustan Petroleum, Bharat Petroleum, RBI, State Bank of India, Larsen & Toubro, ICICI Bank, Essar Group, Bank of India, Bank of Baroda, IDBI Bank, Hindalco Industries, Bajaj Group, Mahindra Group, Godrej Group, JSW Group, Hindustan Unilever, Colgate-Palmolive, Raymond, Procter & Gamble, Godrej Consumer Products and many more.
Apart from sectors like trading, banking, finance, manufacturing, engineering, construction, hospitality, education, pharmaceuticals, FMCG, consumer goods, electronics, media and films and entertainment, Mumbai also benefits from a thriving tourism sector. Tourism generates a major chunk of the GDP of the city and also contributes hugely to overall employment. As per reports, the tourism sector could grow by a handsome 8.8% to touch a whopping US$9.9 billion by the year 2026. Some of the other major industries in Mumbai include automotive parts, biscuits, clothing, utensils, tractors, pencils, import-export and IT and ITeS.
Bollywood which is an acronym for the Hind film industry is also a major business sector in the city, accounting for a big portion of employment and overall revenue generation along with the Marathi film industry. The city is also a hub for almost all major media and entertainment company and brand. With private wealth of a whopping $950 billion, Mumbai is the world’s 12th richest city. It is also home to twenty eight billionaires and over the next 10 years, globally, Mumbai is expected to be the city which grows the fastest in terms of wealth generation. These are some insights into why Mumbai is the economic and financial powerhouse of the country. For the next instalment, we will delve deeper into some of Mumbai’s most iconic landmarks, celebrities and of course, the indomitable spirit of its citizens.