Mumbai, the city of dreams which celebrates hard work, is a city with a heart and a megalopolis of the future. Though, the megalopolis is reeling under unprecedented pressure - environmental degradation, poor infrastructure, bad roads, lack of water, improper sewage lines, and encroachment on footpaths, slums, high priced housing and growing population. It is still “My Mumbai, I love”.
Mumbai is considered India's capital. It has been the bubblegum glamour of the financial state of India. This place has been the center of all trade. It has good malls with designer labeled products, Bollywood cinemas, Oval Maidan Cricket, bhelpheri at the beach, Mumbai Stock Exchange- the epicenter of India’s economy and many more. This place has been very prosperous that it can be compared to the English industry. The city has offered not just great dining but also vibrant street life, wealth bazaars and best nightlife in India.
Because of these growing industries, Mumbai finally earned its rightful place in the tourism industry. Now there a lot of malls, hotels and even dining place to attract people from around the globe. Mumbai is definitely one of the cities that will come to mind when you mention India. And it has well earned the fame it is taking humbly today.
Mumbai is India's largest city and is considered the financial capital of the country as it generates more than 5% of India’s total GDP. It serves as an economic hub of India, contributing more than 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and Rs. 40 billion in corporate taxes.
Many of India's numerous conglomerates and five of the Fortune Global 500 companies are based in Mumbai. Until the 1970s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has since been diversified to include engineering, diamond-polishing, healthcare and information technology. The Globalization and World Cities Study Group (GaWC) had ranked Mumbai as an "Alpha world city", third in its categories of Global cities.
Most of India's major television and satellite networks, as well as its major publishing houses, are headquartered in Mumbai. The centre of the Hindi movie industry, Bollywood, is the largest film producer in India and one of the largest in the world. Along with the rest of India, Mumbai, its commercial capital, has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in 2000s. Mumbai was ranked seventh in the list of "Top Ten Cities for Billionaires" by Forbes magazine, and first in terms of those billionaires' average wealth.