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Economy of Mumbai

Economy of the region / From Wikipedia, the free encyclopedia

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Mumbai is the entertainment, fashion and commercial centre of India. Mumbai is the largest economy in India. As of 2021, Mumbai Metro's nominal GDP is estimated to be US$277.980 billion,[1][2] and GDP (PPP) is estimated to be US$400 billion,[3][4][5][6] Mumbai's GDP (PPP) per capita rounds up to around US$23,000.[7] It is the richest Indian city and 12th richest city[8][9] in the world with a net wealth of around US$1 trillion with 46,000 millionaires and 48 billionaires.[10][11] Mumbai accounts for slightly more than 6.16% of India's economy, contributing 10% of factory employment, 30% of income tax collections, 45% of entertainment tax, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade, 100% of stock market assets and rupees 1,60,000 crore (US$20 billion) in corporate taxes to the Indian economy.[12]

Three Sixty West Tower B, occupied by the Ritz-Carlton, is one of the tallest commercial buildings in Mumbai.
The Bandra–Worli Sea Link.
The skyline of South Mumbai, across Back Bay.
The Bombay Stock Exchange.

The headquarters of several Indian financial institutions, such as the Bombay Stock Exchange, the Reserve Bank of India, the National Stock Exchange, the Mumbai Mint, as well as numerous Indian companies such as the Tata Group, Essel Group and Reliance Industries, are located in Mumbai. Most of these offices are located in downtown South Mumbai, which is the nerve centre of the Indian economy. Dalal Street is home to the Bombay Stock Exchange and several financial institutions. Many foreign corporations also have their branch headquarters in the South Bombay area. Mumbai is also home to some of India's richest people, including Mukesh Ambani.[13]

Mumbai is the world's 17th largest city by GDP.[3][14] Mumbai was ranked among the fastest cities in India for business startup in 2009.[15] Mumbai has a nominal GDP per capita of around US$10,600.[16]

Mumbai is witnessing a massive skyscraper boom, with more than 250 currently under construction.