Mumbai formerly known as Bombay is the capital of Maharashtra. Mumbai is considered as the commercial, industrial and financial hub of Indian Economy. Though Delhi is the capital of India but Mumbai is the centre of all economical and commercial activities of India. Having the population of almost 14 million people Mumbai is the second highly populated city in the world. Mumbai contributes more than 6% to India’s total Gross Domestic Product of which 25% contribution is from Industries, 70% from sea trade as Mumbai has one of India’s largest port Mumbai Port and JNPT, and 70% from financial transactions. The most important factor about Mumbai is Mumbai High the biggest supplier of Oil to the whole nation operated by Oil and Natural Gas Corporation of India.
Mumbai also has the headquarters of the major financial institutions of government of India. The headquarters Reserve Bank of India, National Stock Exchange of India, Mumbai Stock Exchange are located in Mumbai. Apart from this the headquarters of various companies namely Tata Group, Essel Group, Vedanta Resources, Reliance Industries, Larsen and Turbo, Life Insurance Corporation of India, Godrej are located at Mumbai. According to a study conducted by Globalization and World Cities Study Group (GaWCSG) Mumbai has been ranked as “Alpha World City” offering the services of International level to the citizens. Mumbai is considered as the 4th most expensive city in the world.
The economy of Mumbai has every thing to offer every body coming to Mumbai with an intention of earning for livelihood. The large portion of Mumbai population contributes as state and central government workforce. Apart from this the huge population has to depend on other sources of income as their earning, thus making the necessary contribution in the economy of Mumbai. This segment of population includes the hawkers, taxi drivers, mechanics etc. The most attracting section of work force which has now gained the major importance in the recent years is the Mumbai Tiffin Carriers. The major responsibility of these tiffin carrier operators is to provide packed lunch in different areas of city in a discipline manner and have become an important part of daily life of Mumbaians.
Since the government declared film making as an industry, the film industry known as Bollywood has become as one of the largest film producing industry in the world supporting the Maharashtrian Film industry by side. The headquarters of various satellite televisions are located in Mumbai.
The major boom in Mumbai economy came as the result of economic reforms initiated in the early 1990’s which were also known as the period of economic liberalization. These reforms strengthened the economic position of Mumbai in the world due to its rapid industrialization and opportunities for employment.
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