Mumbai, India

Mumbai is India’s largest city (by population) and is the financial and commercial capital of the country as it generates 6.16% of the total GDP. It serves as an economic hub of India, contributing 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 4000 crore (US$640 million) in corporate taxes. Along with the rest of India, Mumbai has witnessed an economic boom since liberalisation. Mumbai’s GDP is 919600 crore (US$150 billion), and its per-capita (PPP) income is 486,000 (US$7,800), which is almost three times the national average. Its nominal per capita income is 125,000 (US$2,000), (US$2,094). Many of India’s numerous conglomerates (including Larsen and Toubro, State Bank of India (SBI), Life Insurance Corporation of India (LIC), Tata Group, Godrej and Reliance), and five 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).