Mumbai was once known as Bombay, or â€œThe Land of Seven Islands.â€ Now, this Land of Seven Islands has grown into to prime commerce center of India. Mumbai slowly established itself in the mid-seventeenth century under British rule, and developed itself into a major western port in the late half of the nineteenth century. It was not long until Bombay became the leading commercial center because of its dominance in the textile trade and overseas industry. After India became an independent nation, organized labor emerged as a dominant movement throughout the country.
Under the East India Trading Company, Bombay was the center of large-scale civil engineering projects and the largest commercial trading port. Through these avenues, Arabian trade allowed Muslim, Gujarati Hindu, and Paresis communities to accumulate massive amounts of wealth. Trade and commerce grew Bombay into a well-rounded city and continued to develop it into an attractive destination for businesses of all kinds, even extending into the entertainment business. â€œRaja Harishchandraâ€ was the first silent movie produced in India in 1913. And by 1987, Bombay employed over five hundred and twenty thousand people in show business.
The Economic Importance of Contemporary Mumbai
Today, Mumbai is the wealthiest city in India and the highest contributor to the gross domestic product (GDP) of every Asian city. The cosmopolitan city of Maharashtra is the countryâ€™s most populated city, sitting at around 20.5 million residents. It is the leading commercial and industrial city in modern-day India and accounts for twenty five percent of the industrial output, five percent of the GDP growth, and over seventy percent of financial transactions of the current economy.
The Reserve Bank of India, the National Stock Exchange of India, and the Bombay Stock Exchange represent the major presence of the financial industry. These companies have become the center of India. Additionally, Mumbai has the largest bandwidth of both international and domestic businesses, and accounts for the maximum SMEâ€™s and unorganized service sectors in the country.
Both the increasing business opportunities and heavy financial flow have contributed to Mumbaiâ€™s job growth for professionals. Mumbai is emerging as the leading â€œStartup Hubâ€ of India, and the entertainment industry is the largest taxpayer in the state. Overall, Mumbai is a prominent homeland for Indiaâ€™s millionaires and billionaires
- Country’s top 10 commerce center
- Approximately 5% GDP production
- Approximately 20% industrial production
- Approximately 70% maritime trade (comprising both, Mumbai Port Trust & JNPT)
- Approximately 70% financial transactions