Mumbai (formerly known as Bombay) has grown from a seven-island city to one of the largest metropolitan cities in India. It is also India's financial & commercial capital and has evolved into a global financial hub. For several decades it has been home to the country's major financial services and a focus on both infrastructure development and private investment. Contributes to approx. 6.16% of India’s total GDP contributes 10% to factory employment, 30% to income tax collections, 60% to customs duty collections, 20% to central excise tax collections, and 40% to foreign trade. Until the 1970s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has since diversified to financial engineering, diamond polishing, healthcare, FMCG and information technology.
The key sectors contributing to the city's economy are BFSI, Automobiles & Auto components, Chemicals & Petrochemicals, Consulting Services, Consumer Goods & Services, Co-working Spaces, Energy, Engineering & Manufacturing, Healthcare, Information Technology, Media, Real Estate, Telecom, Transportation (including Logistics), Travel & Tourism and others. Nariman Point and Bandra Kurla Complex (BKC) are Mumbai's major financial centres. Despite competition from Bangalore, Hyderabad and Pune, Mumbai has carved a niche for itself in the information technology industry. The Santacruz Electronic Export Processing Zone (SEEPZ) and the International Infotech Park (Navi Mumbai) offer excellent facilities to IT companies.
Many of India's numerous conglomerates (including Larsen & Toubro, State Bank of India (SBI), Life Insurance Corporation of India (LIC), Tata Group, Godrej and Reliance), and many of the Fortune Global 500 companies are based in Mumbai. This is facilitated by the presence of the Reserve Bank of India (RBI), the Bombay Stock Exchange (BSE), the National Stock Exchange of India (NSE), and financial sector regulators such as the Securities and Exchange Board of India (SEBI). Houses India’s Entertainment Industry is attracting migrants from all over India. Largest Exporter of Gems & Jewellery from India.
Major Textile & Fashion centre. Well established port & shipping industry The Ports have one of the best natural harbours. Ranked as a top city for investments due to scope for high ROI. Easy availability of both skilled & unskilled workers. Efficient public and private transport network. Offers excellent education facilities & has top schools & colleges. Well Established social infrastructure and a blend of all cultures. Navi Mumbai ranked 2nd in the ease of living index in India.