Mumbai It has the highest number of millionaires and billionaires among all cities in India. It contributes over 6% of the total GDP on India. It’s an economic hub that generates 10% of all factory employment, 33% of all income tax collections, 60% of all customs duty collections, 20% of all central excise tax collections, 40% of India’s foreign trade and ₹40 billion (US$ 548 million) in corporate taxes. Recent estimates of the economy of the Mumbai Metropolitan Region is estimated to be between $151 – $368 billion.
A number of Indian financial institutions have headquarters in downtown Mumbai, including the Bombay Stock Exchange, the Reserve Bank of India, the National Stock Exchange of India, the Mint, and numerous conglomerates (the Tata Group, Godrej and Reliance etc). Many foreign banks and financial institutions also have branches in this area.
Up until the 1980s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has since then diversified to include engineering, finance, diamond polishing, healthcare and information technology. Mumbai’s status as the state capital means that state and federal 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 blue collar professions. The port and shipping industry too employs many residents, directly or indirectly.
The entertainment industry is the other major employer in Mumbai. Most of India’s major television and satellite networks are headquartered in Mumbai, as well as its major publishing houses. The epicentre of the Hindi movie industry, Bollywood, is also located in Mumbai, along with its largest studios and movie production houses.