When it comes to geographic location, Mumbai is the most well-known city in India. It’s also one of Asia’s wealthiest and most densely populated cities. Mumbai is India’s financial capital and an important business center.
It offers excellent connectivity with the rest of the country and other parts of Asia. It is also famous for its beaches, recreational activities, and historical places.
The city is referred to as the fashion capital of India because most of the top global brands have offices there. It’s also known for its beautiful hill stations that exhibit classic art and architecture.
The city has a wide range of upscale hotels with different themes and facilities to cater to business travelers and tourists. Here are the reasons why Mumbai is the financial capital of India:
Here are 6 reasons – Why Mumbai is the Financial Capital of India
1. Land of Entertainment
Bollywood is a huge industry in Mumbai, and it’s the center of the Indian entertainment industry. The film industry is a substantial financial contributor to the city, generating revenue annually through various means.
The major attraction of Bollywood is the actors and actresses who reside there. The city also offers a wide range of nightlife attractions for you to enjoy. There are numerous bars, clubs, pubs, and restaurants packed with celebrities and people from different parts of the country during weekends.
You can visit the crowded beaches of Marine Drive and Juhu or the bustling pavements of Bandra-Kurla Complex and enjoy shopping in large malls like Reliance Trends. You can also enjoy a range of classical dance performances by visiting various art galleries recognized throughout the country.
Amitab Bacchan, Shahrukh Khan, John Abraham, Siddharth Malhotra, Kareena Kapoor, Saif Ali Khan, and Salman Khan all live in Mumbai.
2. Stock Exchange Center
Mumbai is home to numerous stock exchanges, India’s most important financial hubs of trade and commerce. National Stock Exchange (NSE) is one of India’s largest stock exchanges in Mumbai.
Important companies listed on NSE include Reliance Industries, HDFC Bank, SBI, and ICICI Bank. There are other stock exchanges like BSE and MCX-SX as well. Global investors purchase shares from these stock exchanges and earn a considerable profit.
The government has increased its focus on Mumbai, and it’s dubbed the financial capital of India for various reasons. It houses an estimated population of more than 22 million people and is home to prestigious financial institutions, banks, and companies recognized throughout the country.
3. Leads in Crucial Industries
The city of Mumbai is the commercial capital of India, and it’s also referred to as a center for finance. Mumbai plays an essential role in the Indian economy because it produces high-quality goods and offers excellent investment opportunities.
The city is home to some of the leading industries in India, including information technology (IT), electronics, chemicals, pharmaceuticals, engineering products, cement, and diamond cutting and polishing.
Numerous companies like Tata Motors, Reliance Industries, Mahindra & Mahindra have offices here. The banking industry contributes to the economy of Mumbai, and it’s home to some of the largest financial institutions in India.
4. Exotic and Cool Activities
It is a place that offers numerous things to do as an ordinary tourist, including shopping, enjoying beaches and entertainment areas, visiting historical sites, and going for adventure sports like surfing and skiing.
The city has an excellent network of bus services that residents use to move around the city. The city is famous because its beaches are always packed with people during weekends.
There are some nature reserves, natural parks, and recreation areas in the suburbs nearby, which you can visit and go horse riding, trekking, and other outdoor activities.
5. Huge Network of Airports
Mumbai is well-connected with the rest of India, and it’s home to a massive number of travel hubs. It’s connected to the rest of the country via rail and road networks. Indian Airlines, Jet Airways, and Air Sahara are major airlines flying between cities.
It is home to some of the busiest airports in India. The Mumbai International Airport is the most active in India and has massive daily traffic. The new international terminal is situated at Nariman Point, handling more than 70% of the passengers.
The night flights take place across the city, as many hotels offer excellent nightlife. The airport is close to Pedder Road, while the domestic terminal is close to Santacruz.
6, Events and Festivals
The city has a wide range of religious celebrations and world-class carnivals that attract many tourists across the county. Several shopping malls in Mumbai provide excellent shopping experiences throughout the year.
Numerous events occur in the city annually, like Fashion Week, Auto Expo, and various expos where you can enjoy exhibits, presentations, seminars, and entertainment. The city is also famous for Ganesh Chaturthi, where residents celebrate worshiping Lord Ganesha by creating huge idols made of clay and plaster.
7. Hub for internet connectivity
Mumbai has got landing undersea cables which hub at Mumbai. This provides connectivity to India to the rest of the world. This is mainly because this city is an Island city and has easy connectivity to the Arabian sea. This massive advantage for Mumbai makes it India’s financial capital.
Why is Mumbai known as the business capital of India?
Yes, Mumbai is India’s financial and business capital as it has significant financial institutions, like the RBI (Reserve Bank of India), Bombay Stock Exchange, and NSE (National Stock Exchange of India). It is also the corporate headquarters of prominent Indian and multinational companies.
Which state is the financial capital of India?
Mumbai is a famous city and the capital of Maharashtra. Mumbai is India’s financial, Business, commercial, and Bollywood capital. Many financial and multinational presence here makes it the commercial capital of India.
What is the old name of Mumbai?
Bombay is the old name of Mumbai. The name was changed to Mumbai in 1995 in honor of the patron goddess kuldevata ‘Mumbadevi’.
Mumbai is one of the most populated cities in India, and it’s also referred to as the financial capital of India. The city is famous for its various professional organizations and conferences that companies and banks attend throughout the year to discuss various issues.
Banks and other financial companies are always trying to expand their reach throughout the country and host different auctions and exhibitions at the Mumbai stock exchange.
The city provides a lot of revenue for the government through taxes and charges, and it’s always crowded with people from different parts of the country during weekends.