What Defines Mumbai As The Commercial Capital Of India
The title of "the commercial capital of India" has been given to Mumbai in all righteousness. It is not out of appreciation but due to actual practice. Mumbai is but the wealthiest city in the country with the highest GDP in all of Asia. The fourth most populous city in the world, it is truly the entertainment and commercial capital of India.
The reasons attributing to this honour are:
1. Financial Institutions
Mumbai stays true to its status as it is the official headquarters of some of the leading financial institutions of the country. The Reserve Bank of India, The Bombay Stock Exchange, Securities and Exchange Board of India, The National Stock Exchange of India, etc. are housed here.
Moreover, the industrial output of the city is about 25%. The city dealings account for 5% of the country's GDP and 70% of the transactions taking place in the Indian economy.
Many multi-national conglomerates and prestigious organizations too, have their main offices in Mumbai. Investment banks like Bank of America, Barclays Capital, B.N.P. Paribas, Citi Bank, Deutsche Bank, J.P Morgan, and Kotak Mahindra Bank have their corporate offices in Mumbai. The cash flow generated by them adds to the Indian economy.
2. Commercial Capital
Mumbai has the largest port of India and is home to Bollywood. It has a wide plethora of bars, pubs, restaurants, and hotels to ass to its glamour. Mumbai is definitely the financial capital of the country as it attracts tourists from all over the world generating revenue by the numbers. It is but a hub of business, trade and industries.
3. Contribution to Indian Economy
Bollywood produces more than 900 movies every year. The revenue generated by them is massive. Mumbai aids in the economic growth of India by a large margin. The state government is now trying its best to increase the amount of available space for housing and commercial projects and also improve the transport system of the city.
According to the schedule, during the time period of 2007-2012, Mumbai was to link the financial system of India to the markets of Paris, Frankfurt, and Tokyo. Then from 2012-2020 Mumbai was to compete with New York, Hong Kong and London for business in International financial services required for upgrading the economy of the country.
4. Next International Financial Centre
Considering the growth of the city, the central and state governments have made numerous promises to convert Mumbai into the next international financial centre. The aim is to change the entire infrastructural façade of the city and give life to a newer and cleaner Mumbai. According to the Maharashtra State government, this project will cost about $60 billion, and will take a decade to reach completion.
Reliance Industries has decided to invest about $8 billion in the manufacturing of the new city in Mumbai. The number of jobs created due to this endeavour will be close to about 2 million. However, the initiation of this project will involve resettling of a major section of the local population. Dharavi slum has more than 300,000 dwellers relocating, which will be a gigantic task.
5. The People
Business opportunities in Mumbai are plenty. Over time they have been specially crafted to provide a higher standard of living to the local inhabitants. Due to this reason many students and graduates from Mumbai prefer to opt for financial management courses as opposed to students in Delhi who prefer marketing.
By the end of the day, it is the hard work and sincere dedication of the people that has made Mumbai what it is today. Financial analysts, managers etc. work very hard in this regard to keep the city at power with its status.
Several colleges in Mumbai offer a course in financial management like:
- S.P Jain Institute of Management and Research
- Jamnalal Bajaj Institute of Management Studies
- NMIMS School of Business Management
- ITM Business School
- K.J. Somaiya Institute of Management Studies and Research
The complete list of colleges can be obtained online.
The beauty of this system is that meritorious students on completion of their academics can be absorbed in the financial sector directly and aid in the economic growth and development of the country. Careers in finance are plenty due to the umpteen numbers of financial institutions found there. Finance jobs in Mumbai are more popular than any other field.
Mumbai is truly the commercial capital of the country. It has been estimated that this metropolitan might lose its status in the coming years, yet its contribution towards economic reform has been commendable and cannot be forgotten.
About the Author
Tina Jindal is a professional content writer who works on a variety of topics like employment, real estate, and education. She has been involved with renowned publications and has tried her hand at editing works on Cookery, Gardening, Pregnancy, and Healthcare. She loves to travel and is crazy about dogs. You can contact her at firstname.lastname@example.org and google.com/+TinaJindal.
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- Mumbai is but the wealthiest city in the country with the highest GDP in all of Asia and is the fourth most popular city in the world.
- Mumbai stays true to its status as it is the official headquarters of some of the leading financial institutions of the country.
- Mumbai has the largest port of India and is home to Bollywood.
- Considering the growth of the city, the central and state governments have made numerous promises to convert Mumbai into the next international financial centre.
- Business opportunities in Mumbai are plenty.