Economy Of Mumbai
Mumbai, formerly known as Bombay, is the commercial and entertainment capital of India. It is also the world's top 10 centres of commerce in terms of global financial flow, Mumbai accounts for slightly more than 6% of India's economy contributing 10% of factory employment, 40% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade and rupees 40,000 crore (US $10 billion) in corporate taxes to the Indian economy. Headquarters of a number of Indian financial institutions such as the Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, the 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. Many foreign establishments also have their branches in the South Bombay area. Mumbai is the world's 29th largest city by GDP. Mumbai was ranked among the fastest cities in India for business startup in 2009. As of 2009-10, Mumbai enjoys a Per Capita Income of $ 2,845. This is 16.6% higher than 2008-09 levels of $ 2,440. In PPP dollars, Mumbai had a Per Capita Income of $ 7,050 as of 2009-10 fiscal. In the recent years Mumbai is experiencing rapid growth. By 2020-21 fiscal, Mumbai's GDP Per capita at PPP is expected to reach US$ 23,000, making it South Asia's richest city.
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“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (18171862)