Updated: Jul 18, 2022
When We Say "THE FINANCIAL CAPITAL" The First Name Comes To Our Mind Is MUMBAI.
(Gateway of India, Mumbai)
Today EXECKART Have Come Out With The Information about How Mumbai Became A Financial Capital Of India .
Yes Friends Mumbai Is the Financial Capital Of India. Mumbai (formerly known as Bombay) is not only the commercial capital of India but also one of world's top 10 centers of commerce in terms of global financial flow.
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How Mumbai Grew as Financial Capital ?
Mumbai entered in opium trade, a product of the poppy plant, that turned Mumbai into a prosperous and thriving port. Parsi merchants of Gujarat and Mumbai entered this trade in the early 19th century and, thanks to their monopoly of the trade for over six decades, Mumbai was turned into a thriving and prosperous port. It also turned the Parsis into an affluent community.
Home of Textile Industry
In 1854, there was textile industry revolution which made Mumbai major textile industries in the country, employing over a million workers. The foundation was laid by a rich Parsi, Cowasji Davar by establishing Mumbai Spinning and Weaving Co. with a capital of Rs.500,000.
(Mumbai's First Textile Mill)
Other Sectors Which are the Main Source of Income.
In banking and insurance business Mumbai became India’s leading centre. Its bullion markets in Zaveri Bazaar and Shaikh Memon Street were India’s largest. All these contributed to make Mumbai India’s leading capital market. By 1914, eighty-seven per cent of the total value of India’s capital investment and nearly half the value of the private industrial investments were invested in Mumbai. Since then, Mumbai has become the financial capital of India and a place of immeasurable influence in India’s economic as well as political life.
Major Industries and Economy
A report by New World Wealth ranked the city as the 12th wealthiest global city with a total private wealth of US $950 billion.
According to Maharashtra state report, the metropolitan area of Mumbai accounts for INR 368 billion (US $5.2 billion) of the state’s gross domestic product (GDP), which is approximately 87 percent share in the state’s economy.
The city is one of the world’s top centers of commerce in terms of financial flow. It is also home to important financial institutions, such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, and corporate headquarters of many Indian companies and multinational corporations.
( Mumbai Stock Exchange )
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Gems and Jewelry
Mumbai is the hub of India’s jewelry industry, receiving the majority of the country’s gold and rough diamond imports (two major jewelry segments in India). It is also the largest exporter of gems and jewelry, accounting for US$ 28.32 billion or 69 percent of the total export of gems and jewelry from India.
In March 2019, Maharashtra’s chief minister announced the development of a INR 14,467 crore (US $2 billion) ultra-modern and high-tech gems and jewelry park. The 21-acre complex will be set-up at Navi Mumbai on the outskirt of Mumbai. It will have manufacturing units, residences for industrial workers, commercial areas, and commercial support services.
The gem and jewelry export promotion council expects the park to generate an annual turnover of INR 41,467 crore (US$5.8 billion).
Mumbai is the base of Bollywood, the Hindi language movie industry. The city has also become one of the most vibrant creative arts centre in India and plays host to a number of national and international events, including sports, related events, conferences and seminars.
THE OTHER MAIN SOURCE OF FINANCE IS
The automobile sector has played a key role in the industrialization of Mumbai. Every segment of the automobile sector (including two and three wheelers, passenger cars and commercial vehicles) is represented in the city. Many big automobile companies have corporate branches in Mumbai, including the largest vehicle manufacturer in India, Tata Motors. The city’s key competitive advantages in the automobile are the presence of established manufacturers, a strong engineering sector and a large skilled labor base.
Mumbai is connected by National Highway 3, National Highway 4, National Highway 8, National Highway 17 and National Highway 222.
Mumbai is the headquarters of two Indian Railway zones: the Central Railway and the Western Railway. The city’s transport consist of three separate railway networks: the Central, Western and Harbor Line. Mumbai also has a metro rail – a rapid transit system, that is being built in three phases over a 15-year period. Out of the planned eight high-capacity metro lines, spanning a total of 146 miles, one line is currently operational. Besides, the city boasts India’s first monorail system that opened its phase 1 in July, 2014.
Aviation Juhu Aerodrom was India’s first airport, yet now only functions as a heliport and hosts a flying club. The main aviation hub in Mumbai is the Chhatrapati Shivaji International Airport. An additional airport at Navi Mumbai has been proposed but further progress has been delayed due to land acquisition challenges.
Ports Mumbai Port Trust and Jawaharlal Nehru Port Trust are the two major ports that together provide the largest port facilities in India. They handle more than a third of the country’s total foreign trade. During 2017-2018, the Mumbai Port Trust handled a record high level of cargo, amounting to 63.05 million metric tones, a 3.17 percent increase from the previous year.
Mumbai Port, a natural harbor, has extensive wet and dry dock accommodation facilities, and it is also an important base for the Indian Navy.
State-owned Mahanagar Telephone Nigam Limited (MTNL) is the largest telephone service provider in Mumbai. Cell phone coverage is extensive, and both GSM and CDMA services are available in the city. Other major service providers include Vodafone, Airtel, Loop Mobile, and Reliance Communication.
These are some of major finance generating industries and sources of mumbai
which helps many people to get employment.
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Top Five Companies and their Revenue
Company Revenue (billion US$)
Bharat Petroleum 39.45
State Bank of India 47.9
Reserve Bank of India 402.86
ICICI Bank 13.52
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