Mumbai is one of the world’s top 10 centres of commerce in terms of global financial flow, generating 5% of India’s GDP, and accounting for 25% of industrial output, 70% of maritime trade in India (Mumbai Port Trust & JNPT), and 70% of capital transactions to India’s economy. The city houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate headquarters of numerous Indian companies and multinational corporations. It is also home to some of India’s premier scientific and nuclear institutes like BARC, NPCL, IREL, TIFR, AERB, AECI, and the Department of Atomic Energy. Mumbai’s business opportunities, as well as its potential to offer a higher standard of living, attract migrants from all over India and, in turn, make the city a melting pot of many communities and cultures.
It contributes to 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 4,000 crore (US$728 million) in corporate taxes.
Mumbai’s GDP is 919,600 crore (US$167.37 billion), and its per-capita income is 486,000 (US$8,845.2), which is almost three times the national average. Many of India’s numerous conglomerates (including Larsen and Toubro, State Bank of India, Life Insurance Corporation of India, Tata Group, Godrej, Reliance, BSE and NSE), and five of the Fortune Global 500 companies are based in Mumbai. Many foreign banks and financial institutions also have branches in this area, with the World Trade Centre being the most prominent one. Mumbai has been ranked 48th on the Worldwide Centres of Commerce Index. Mumbai was ranked seventh in the list of “Top Ten Cities for Billionaires” by Forbes magazine. Mumbai is well connected by suburban railway and BEST bus services which account for about 88% of the passenger traffic. It has well developed infrastructure facilities.