Mumbai is also the media and movie capital of the country. Most of India's major television and satellite networks, as well as its major publishing houses, are headquartered here. The Hindi movie industry, Bollywood, is also based here. Bollywood holds the record for the maximum number of movies produced in a year. All this has resulted in increased consumer spending in this city. According to a recent survey, Mumbai ranks tenth amongst the world's biggest centres of commerce in terms of financial flow.
India has enjoyed a rapid pace of growth in recent years. It boasts of the world's second largest labour force with 516.3 million people. Economic reforms have transformed India into the second fastest growing large economy. However, it still suffers from high levels of poverty, illiteracy and malnutrition. Economic growth is unequal and the income difference between the rich and poor is vast. In recent years, India has become a major outsourcing destination for many multinational corporations and is a big player in the global IT industry. It has the world's twelfth largest economy in terms of market exchange rates and the fourth largest in terms of purchasing power.
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