Economy of Mumbai


, Maharashtra is the entertainment, fashion and commercial centre of India. recent estimates of the economy of the Mumbai Metropolitan Region have been $368 billion ranking it either the most or second-most productive metro area of India. Mumbai accounts for slightly more than 6.16% of India's economy contributing 10% of factory employment, 30% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade and rupees 40,000 crore in corporate taxes to the Indian economy.
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, Essel Group and Reliance Industries 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.
Mumbai is the world's 37th largest city by GDP. Mumbai was ranked among the fastest cities in India for business startup in 2009. As of 2009–10, Mumbai enjoys a Per Capita Income of $2,845. This is 16.6% higher than 2008-09 levels of $2,440. In PPP dollars, Mumbai had a Per Capita Income of $7,050 as of 2009-10 fiscal. In recent years, Mumbai has been experiencing rapid growth.

Occupations

Mumbai has traditionally owed its prosperity largely to its textile mills and its seaport till the 1980s. These are now mostly replaced by industries employing more skilled labour such as engineering, diamond polishing, healthcare pharmaceutical marketing and information technology. Mumbai is also the primary financial centre for India, both the major Indian stock exchanges, brokerages, asset management companies, headquarters of most Indian state-owned and commercial banks, as well as the financial & monetary regulatory authorities of India.
As Mumbai is the capital of Maharashtra, government employees make up a large percentage of the city's workforce. Mumbai also has a large 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 most 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. To add to this, most major advertising companies operating in India also have their primary office in Mumbai..

Industries

Several major Indian companies are headquartered in Mumbai. The three largest private companies in India, Tata Group, Reliance Industries, and Aditya Birla Group, are based in Mumbai. Below is a list of some of these major companies:
CompanyRevenue
Tata Group103
Reliance Industries75
Aditya Birla Group43.5
Hindustan Petroleum34.44
Bharat Petroleum39.45
State Bank of India47.9
Reserve Bank of India402.86
ICICI Bank13.52
Larsen & Toubro16.0
Reliance ADAG15.4
Essar Group39.0
HDFC Bank12.48
Axis Bank9.42
Bank of Baroda5.51
Bank of India5.44
IDBI Bank4.61
Union Bank of India4.12
Hindalco Industries14.0
Bajaj Group6.69
Godrej Group3.7
Mahindra Group15.9
JSW Group7
RPG Group4.01

Consumer Goods Industries

is home to some of India's largest consumer packaged goods companies like Hindustan Unilever, Procter & Gamble, Nivea, Colgate-Palmolive, Godrej Consumer Products and many more.

Services

Tourism

The World Travel & Tourism Council calculated that tourism generated US$3.9 billion or 3.2% of the city's GDP in 2016 and supported 637,900 jobs, 7.3% of its total employment. The sector is predicted to grow at an average annual rate of 8.8% to US$9 billion by 2026. Mumbai's tourism industry accounted for 5.4% of India's total travel and tourism-related GDP in 2016, and employed 2.4% of the country's total workforce.
Foreign tourists accounted for 35.7% of all tourism-related spending in Mumbai in 2016. Nearly one-fifth of foreign tourists visiting the city come from the United Arab Emirates.

Other

Below is a list of major industries located in Mumbai: