Why Mumbai is called financial capital of India
Mumbai is called the commercial capital of India, because Mumbai houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, and the corporate headquarters of many Indian companies. Owing to the immense business opportunities available in Mumbai and the relatively high standard of living, it has attracted migrants from all over India and South Asia, making the city a potpourri of various communities and cultures. Within Mumbai is located Bollywood, the epicenter of the country's Hindi film and television industry, producing the world's highest number of films annually. Mumbai is also one of the rare cities to accommodate a National Park within its municipal limits.
It has got both the main stock exchanges: the BSE and the NSE. It houses the most important bank offices in Bandra. All money transactions, stocks and shares etc. take place in Mumbai. The entire economy of India depends upon the status of stocks at the stock exchanges. Since Mumbai is a port, lots of commercial exchange takes place between India and other countries. Import and Export of goods is a common phenomenon. Mumbai houses the Indian Film Industry that churns out so much revenue every year for India. There are also several rich business magnets that control the economy of the nation from Mumbai. Also it has got all the co-operate houses which bring in loads of revenue along with providing employment for those in need of jobs. Hence Mumbai is called the Commercial capital of India.
Mumbai has traditionally owed its prosperity largely to its textile mills and its seaport till the 1980s. These are now increasingly being replaced by industries employing more skilled labor such as engineering, diamond polishing, healthcare and information technology. Mumbai is also the primary financial Centre for India, both the major Indian stock exchanges (BSE and The National Stock Exchange), brokerages, asset management companies (including majority of the mutual fund companies), headquarters of most Indian state-owned and commercial banks, as well as the financial & monetary regulatory authorities of India (SEBI and RBI among other institutions).
As Mumbai is the capital of Maharashtra, government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and 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.
Mumbai is home to some of India's largest consumer packaged goods companies like Hindustan Unilever, Procter & Gamble, Nivea, Colgate-Palmolive, Godrej Consumer Products.
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 (3.1% of GDP). 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.
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