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Why Mumbai was the “Financial Capital” of Contemporary India

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“The Land of seven islands” Bombay aka Mumbai grew as a prime trading center in the middle of the seventeenth century. Under British Raj in India, it evolved as an important western port establishment, especially in the second half of the nineteenth century. Replacing Surat, soon became an important administrative and industrial center of the state. Maratha hub Bombay became the most important commercial center of India under British rule, because of the dominance in the textile and overseas trade.

Post-independence, Bombay was to be industrialized one of the oldest cities in India. It also emerged as a center of an 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. Detailed Arab trade earned huge wealth for the Parsis, Gujarati Hindus and Muslims communities in the city of Bombay. Trade and commerce Bombay received an all-round growth and thus the progression remained as an attractive destination for business and employment in the country.

It was under the British rule in Bombay as a leading entertainment hub of developed India. “Raja Harishchandra”, a popular silent film and the first was made in India in 1913. Later in 1987, the film industry in India has its main economic boom through the use of more than 520,000 people in the showbiz industry.

economic interest of Contemporary Mumbai

Today, Mumbai is the “richest city in India and highest GDP contribution of the entire South, West and Central Asian cities. This cosmopolitan capital of Maharashtra is the country’s fourth most populous city with about 20.5 million urban residents. It is the most important commercial and industrial center of modern India and accounts for over 25% of industrial production, 5% of the Indian GDP growth and over 70% of financial transactions in the current Indian economy.

The presence of large financial institutions such as the Reserve Bank of India, the National Stock Exchange of India, Bombay Stock Exchange, etc. has made the commercial center of our nation. Mumbai is the largest bandwidth of international plus domestic companies and accounts for a maximum SME plus organized sector employment in the country.

The increasing business opportunities and the heavy financial flows have also contributed to the growth of employment 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 largest taxpayer in the state. The city of Mumbai is a prominent homeland of up Billionaires and Millionaires country.

Highlights

  1. Country’s top 10 trading center.
  2. About 5% of GDP production.
  3. About 20% of industrial production.
  4. Approximately 70% of maritime trade (including both Mumbai Port Trust and JNPT).
  5. About 70% of financial transactions.

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