Is Mumbai financial capital of India?

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Today Delhi is the Capital city of Democratic India where all the major central offices are there with Parliament. In Mughal period started from 1526 by Babar to last emperor Bahadur shah Jafar there was Agra, Fatehpur sikri and Delhi is the capital city. In British era till 1911 Kolkata was the capital city of British India after that it was shifted towards Delhi which was strategic decision of Britishers due to geographic importance of Delhi as a Centre point to them for ruling India.
When East India company first established their colony in Surat as a Business purpose where export and import were made the main reason was sea port. After development of Mumbai the importance of Surat was decreased and Mumbai city’s growth started from this period.¬† The cotton mills was established in Mumbai this was the first industrialization in India by Britisher’s with imported heavy machines.
So in this article we can see the economical journey of Mumbai up till now through the various reasons Mumbai became major economic market of the India. It is not official mentioned any where that Mumbai is the financial capital of India but as spread through media and journalist through their financial reports. The Major area of Mumbai for financial transactions is dalal street where stock market formed.

Is Mumbai financial capital of India?

Yes, Mumbai is considered to be the financial capital of India. It is home to the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), and the Reserve Bank of India, as well as the headquarters of many major Indian and international corporations. Mumbai’s financial district, known as “Dalal Street,” is an important hub for the country’s financial industry, and the city plays a crucial role in driving the economy of India.

Features of Mumbai city in India –

Mumbai is a diverse and vibrant city that has many features that make it unique. Here are some of the notable features of Mumbai:

  1. Architecture: Mumbai’s architecture is a blend of different styles, ranging from Gothic to Art Deco to modernist. The city has many iconic landmarks, such as the Gateway of India, the Chhatrapati Shivaji Terminus railway station, and the Bandra-Worli Sea Link.
  2. Transportation: Mumbai is known for its efficient public transportation system, including local trains, buses, and taxis. The suburban railway network is the backbone of the city’s transportation system and is one of the busiest in the world.
  3. Food: Mumbai is a food lover’s paradise, with a diverse range of cuisines that reflect its cosmopolitan culture. Street food, in particular, is a popular culinary experience in Mumbai, with dishes like vada pav, pav bhaji, and chaat being local favorites.
  4. Bollywood: Mumbai is also known as the center of the Indian film industry, commonly known as Bollywood. Many popular Bollywood films are shot in and around the city, and it is also home to many film studios and production houses.
  5. Beaches: Mumbai has a long coastline with several beautiful beaches, such as Juhu Beach and Marine Drive, where people gather to relax and enjoy the sea breeze.
  6. History and culture: Mumbai has a rich history and cultural heritage, reflected in its many museums, art galleries, and cultural festivals such as the Kala Ghoda Arts Festival and the Elephanta Festival.

Important offices of banks and multinational companies in Mumbai

Mumbai is the financial and commercial capital of India, and it is home to the headquarters of several banks and multinational companies. Some of the notable offices located in Mumbai are:

Banks:

  1. Reserve Bank of India
  2. State Bank of India
  3. ICICI Bank
  4. HDFC Bank
  5. Axis Bank
  6. Bank of India
  7. Union Bank of India
  8. IDBI Bank
  9. Punjab National Bank
  10. Kotak Mahindra Bank

Multinational Companies:

  1. Tata Group
  2. Reliance Industries
  3. Aditya Birla Group
  4. Mahindra Group
  5. Larsen & Toubro
  6. Hindustan Unilever Limited
  7. Colgate-Palmolive
  8. Procter & Gamble
  9. Nestle
  10. Johnson & Johnson

Additionally, Mumbai is home to several major stock exchanges and financial institutions such as the Bombay Stock Exchange, National Stock Exchange of India, and the Securities and Exchange Board of India. The city’s commercial district, located in South Mumbai, also houses several multinational banks, investment firms, and consulting companies.

Mumbai contribution to India’s GDP –

Mumbai is one of the most important cities in India and is a major contributor to the country’s Gross Domestic Product (GDP). According to the data from the Ministry of Statistics and Programmed Implementation, the contribution of Mumbai city to India’s GDP in the financial year 2020-21 was 6.6%.

Mumbai’s economy is driven by a diverse range of industries, including finance, manufacturing, services, and entertainment. The city is home to the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), and the Reserve Bank of India, which all contribute significantly to the country’s financial sector.

Mumbai is also a major hub for the manufacturing sector, with industries such as textiles, pharmaceuticals, and petrochemicals being some of the key contributors to the city’s GDP. The entertainment industry, which includes Bollywood, is another important sector that contributes to the city’s economy.

Overall, Mumbai’s contribution to India’s GDP is significant, and the city plays a crucial role in driving the growth and development of the country’s economy

Employment and businesses in Mumbai –

The history of Mumbai as a city can be traced back to the 16th century, when it was a small fishing village known as Kolachi. The city came into prominence in the 17th century when it was ceded to the British East India Company by the Portuguese as part of a dowry agreement.

Under British rule, Mumbai grew rapidly as a major center of trade and commerce. It became a hub for textile mills, shipping, and manufacturing industries. The construction of railways in the mid-19th century further enhanced Mumbai’s economic importance.

The city played an important role in the Indian independence movement, with several significant events taking place there. In 1919, the Amritsar Massacre led to widespread protests, and in 1942, the Quit India Movement was launched in Mumbai, calling for India’s immediate independence from British rule.

After India gained independence in 1947, Mumbai continued to grow and develop, becoming the financial and cultural capital of the country. Today, it is a bustling metropolis with a diverse population and a rich history that reflects its colonial past as well as its present as a thriving, global city.

Conclusion –

As we have seen the importance of Mumbai city in the Indian financial prospective with huge burden of population came from various areas of the country to fulfill their dreams with various streams of money making. The Money Making is not difficult in this city but living is very costly due to the property rates. Most of the job doer came to their offices and to their home through local trains which was shows us fast life of Mumbai.

Mostly Gujrati’s and Parsi’s are the major businessman in Mumbai city where British established them after formation of Mumbai city as their sea port. Where they shifted their agents from Surat to Mumbai for their trade through out India to Mumbai Port. After Independence there was dispute in Morarji desai’s rule when Gujrat and Maharashtra is common state and most of the businessman community wants to be a Mumbai had to be part of Gujrat. But the majority of people lived in Mumbai was Marathi speaking peoples so Mumbai become part of Maharashtra.

Maharashtra is the developed state of the country and Mumbai is the capital of Maharashtra therefore compare to other states Maharashtra and specially Mumbai city become the important economical part of Indian economy. Kolkata was capital of British India but after 1911 it became most ignored city in Independent India.

 

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