Overview of Mumbai

Economy of Mumbai

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The currency used in India is Rupees. Mumbai (Bombay) is India's largest city and accounts for 10% of all factory employment, 40% of income tax collected, 60% of all customs duty collections, 20% of all central excise collections and 40% of India's foreign trade in corporate taxes. It also accounts for 25% of industrial output, 40% of maritime trade, and 70% of capital transactions in India. In short, it is India's economic hub. Mumbai's per capita income is almost three times the national average. Most of India's main conglomerates including the Tata Group and Reliance and four Fortune 500 companies are based here. Many foreign banks and financial institutions have branches in Mumbai including the World Trade Centre. Key industries in Mumbai include engineering, diamond polishing, healthcare and information technology. Aerospace, optical engineering, medical research, computers and electronic equipment, shipbuilding and salvaging, and renewable energy and power are also increasingly important aspects of the local economy in this bustling city.

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. 


Update 27/11/2008

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