Economy of Mumbai

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Image:Bombayatnight.gif
Mumbai Skyline

Mumbai, formerly known as Bombay, is the commercial capital of India, contributing 10% of factory employment, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and rupees 40,000 crore (US $9 billion) in corporate taxes. Headquarters of a number of Indian financial institutions such as the Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, the Mint, as well as numerous Indian companies such as the Tata Group Vedanta Resources and Reliance are located in Mumbai. Most of these offices are located in downtown South Mumbai which is the nerve centre of the Indian economy. Many foreign establishments also have their branches in the South Bombay area.

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[edit] Occupations

Mumbai has traditionally owed its prosperity largely to its textile mills and its seaport till the 1980s. This has now been replaced by industries employing more skilled labour such as engineering, diamond polishing, healthcare and information technology. As Mumbai is the state capital, government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled labour population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such proletarian professions. The port and shipping industry too employs many residents directly and indirectly. Like all other metropolitan cities, Mumbai also has a large influx of people from rural areas looking for employment.

The entertainment industry is the other major employer in Mumbai. Most of India's television and satellite networks are located in Mumbai, as well as the major publishing houses. A large number of the Hindi and English television shows are produced in Mumbai. The Hindi movie industry, known by some as Bollywood, is also located in Mumbai, along with the largest studios and production houses.

[edit] Strategic Industries

Mumbai is home to the Bhaba Atomic Research Center, and most of India's specialized, technical industries, having a modern industrial infrastructure and vast, skilled human resources. Rising venture capital firms, start-ups and established brands work in aerospace, optical engineering, medical research, information technology, computers and electronic equipment of all varieties, ship-building and salvaging, renewable energy and power.

Mumbai is also home to the Western fleet of the Indian Navy, key to India's maritime security.

[edit] Consumer Industries

Mumbai has perhaps India's biggest networks in the food, clothing and hoteling industries. The most ethnic Indian to the choicest international cuisine, the most luxurious, five-star hotel to the sleaziest, cheapest rooms, and supermarkets, chain stores and malls to road-size vendors and hawkers highlight this massive commercial artery.

[edit] Sex Trade

Mumbai has one of the largest populations of sex workers in India. Although prostitution in Mumbai is illegal, it nevertheless hosts one of the largest and densest red-light districts in the world, Kamathipura.

[edit] Unusual industries

One of the more unusual features of the Mumbai economy is the Dabbawala system that allows hot, frequently home-cooked, food to be delivered to office workers at their place of work with remarkable efficiency.

[edit] List of major Mumbai based companies

[edit] Industries

  • Film industry
  • Film equipment
  • Automotive parts
  • Utensils
  • Biscuits
  • Clothing
  • Textile mills
  • Pencils
  • Tractors
  • Pharmaceuticals

[edit] References

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