Commercial Capital Mumbai

Mumbai, known as the Commercial Capital of India, is the economic hub of most of the financial and business activities of the country. The Island city contributes no less than 10% of all factory employment, 60% of customs duty collections, 40% of income tax collections, 40% of foreign trade and 20% of central excise tax collections of India. Moreover, it produces a huge amount, of Rupees 40 billion (US$ 9 billion), in corporate taxes.

Indian companies like Tata Group, Godrej, Reliance, State Bank of India, etc, which form of part of Fortune Global 500 companies, are based in Bombay only. Most of the foreign banks and financial institutions have set up offices in its expanse. Mumbai credits its success chiefly to the textile mills and seaport till 1980's. After that, the local economy branched out and included engineering, diamond-polishing, healthcare, information technology, etc.

Mumbai has been granted the status of the state capital of Maharashtra, since it has a large percentage of state and central government employees in its workforce. It comprises of the headquarters of esteemed Indian financial institutions like Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, etc. Mumbai also makes the abode to Bollywood, the Hindi movie industry. It has the command centers of all the major television and satellite networks as well.

Since the liberalization of India, in 1991, Mumbai has observed outstanding development in the economic and financial sector. Influx of IT, export, services and BPO's led to a notable expansion in the economy of the city as well as the country. It has an influential entrepreneurial culture, where the people are working on a fast pace to update their lives. In the present day, Mumbai stands at 10th position amongst the biggest centers of commerce in the world.