Editing Mumbai (section)

== Economy ==
{{Main|Economy of Mumbai}}
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| image1            = ওরলির গগনরৈখিক দৃশ্য.jpg
| caption1          = Some of the [[List of tallest buildings in Mumbai|tallest skyscrapers of Mumbai]], like [[World One]] and [[The Park (residential project)| Lodha Park]], can be found in [[Parel| Lower Parel]].
| image2            = Lodha_Altamount_-_An_epitome_of_luxury.jpg
| caption2          = [[Lodha Altamount]] and [[Antilia (building)| Antilia]] [[skyscrapers]] on Altamount Road, also known as India's [[Altamount Road|billionaires row]].
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Mumbai, sometimes described as the ''[[New York City|New York]] of India'',<ref name="MumbaiNewYorkOfIndia"/> is India's most populous city and is the financial and commercial capital of the country as it generates 6.16% of the total GDP.<ref name="mmrda muip gdp" /><ref name="Mumbai global">{{cite web |url=http://www.rediff.com/money/2007/apr/27mumbai.htm |title=Mumbai a global financial centre? Of course! |last=Thomas |first=T. |publisher=Rediff |date=27 April 2007 |access-date=31 May 2009 |location=New Delhi |url-status=live |archive-url=https://web.archive.org/web/20081118221806/http://www.rediff.com/money/2007/apr/27mumbai.htm |archive-date=18 November 2008}}</ref><ref name="The Financial Express">{{cite news |url=http://archive.financialexpress.com/news/gdp-growth-surat-fastest-mumbai-largest/266636 |title=GDP growth: Surat fastest, Mumbai largest |access-date=5 September 2009 |date=29 January 2008 |newspaper=[[The Financial Express (India)|The Financial Express]] |url-status=live |archive-url=http://archive.wikiwix.com/cache/20090906034022/http://archive.financialexpress.com/news/gdp-growth-surat-fastest-mumbai-largest/266636 |archive-date=6 September 2009}}</ref> It serves as an economic hub of India; as of 2006, Mumbai contributed 10% of the nation's factory employment, 25% of industrial output, 33% of [[income tax]] collections, 60% of [[customs (tax)|customs duty]] collections, 20% of central [[excise tax]] collections, 40% of [[foreign trade]], and {{INRConvert|40|b|lk=b|year=2006}} in [[corporate tax]]es.<ref>{{harvnb|Swaminathan|Goyal|2006|p=51}}</ref> Along with the rest of India, Mumbai has witnessed an economic boom since the [[Economic liberalisation in India|liberalisation of 1991]], the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in the 2000s.<ref>{{harvnb|Kelsey|2008|p=208}}</ref> 

Estimates of the 2016 economy of the [[Mumbai Metropolitan Region]] have ranged from $368&nbsp;billion to $400&nbsp;billion ([[Purchasing power parity|PPP]] [[Gross metropolitan product|metro GDP]]) ranking it either the [[List of cities by GDP|most or second-most productive metro area]] of India.<ref name="Mumbai_GDP">{{cite news|last=Lewis|first=Clara|url=https://timesofindia.indiatimes.com/city/mumbai/delhi-not-mumbai-indias-economic-capital/articleshow/55655582.cms|title=Delhi, not Mumbai, India's economic capital|work=[[The Times of India]]|date=28 November 2016|access-date=11 September 2023|archive-date=19 April 2024|archive-url=https://web.archive.org/web/20240419064913/https://timesofindia.indiatimes.com/city/mumbai/Delhi-not-Mumbai-Indias-economic-capital/articleshow/55655582.cms|url-status=live}}</ref><ref>{{Cite news|title=Global Wealth PPP Distribution;Who are the leaders of the global economy|work=Visualcapitalist.com|url=https://www.visualcapitalist.com/wp-content/uploads/2021/10/Global-Wealth-PPP-Distribution.html|access-date=30 March 2022|archive-date=13 October 2021|archive-url=https://web.archive.org/web/20211013080238/http://www.visualcapitalist.com/wp-content/uploads/2021/10/Global-Wealth-PPP-Distribution.html|url-status=live}}</ref><ref>{{Cite web |url=https://indianexpress.com/article/cities/mumbai/mumbai-17th-in-global-gdp-list-says-survey-4686508/ |title=Mumbai 17th in global GDP list, says survey |date=7 October 2021 |access-date=16 September 2021 |archive-date=20 October 2021 |archive-url=https://web.archive.org/web/20211020011629/https://indianexpress.com/article/cities/mumbai/mumbai-17th-in-global-gdp-list-says-survey-4686508/ |url-status=live }}</ref><ref name="gqindia.com">{{Cite web |date=14 October 2019 |title=Mumbai is the 12th wealthiest city in the world, leaving Paris and Toronto behind |url=https://www.gqindia.com/get-smart/content/wealthiest-cities-worldwide-in-2019-list-mumbai-is-the-12th-wealthiest-city-in-the-world |access-date=16 September 2021 |website=GQ India |language=en-IN |archive-date=4 November 2021 |archive-url=https://web.archive.org/web/20211104125658/https://www.gqindia.com/get-smart/content/wealthiest-cities-worldwide-in-2019-list-mumbai-is-the-12th-wealthiest-city-in-the-world |url-status=live }}</ref> Many of India's numerous conglomerates (including [[Larsen & Toubro]], [[State Bank of India]] (SBI), [[Life Insurance Corporation of India]] (LIC), [[Tata Group]], [[Godrej Group|Godrej]] and [[Reliance Industries|Reliance]]),<ref name="Mumbai global" /> and five of the [[Fortune Global 500]] companies are based in Mumbai.<ref>{{Cite news |title=Fortune Global 500 |url=http://fortune.com/global500/ |publisher=CNN |date=21 July 2008 |access-date=28 April 2009 |url-status=live |archive-url=https://web.archive.org/web/20120509014825/http://money.cnn.com/magazines/fortune/global500/2011/full_list/index.html |archive-date=9 May 2012}}</ref> 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).<ref name="ecoprofile">{{cite web |author=[[Brihanmumbai Municipal Corporation]] (BMC) |title=City Development Plan (Economic Profile) |url=http://www.mcgm.gov.in/irj/go/km/docs/documents/MCGM%20Department%20List/City%20Engineer/Deputy%20City%20Engineer%20(Planning%20and%20Design)/City%20Development%20Plan/Economic%20profile.pdf |url-status=live |archive-url=https://web.archive.org/web/20131125052153/http://www.mcgm.gov.in/irj/go/km/docs/documents/MCGM%20Department%20List/City%20Engineer/Deputy%20City%20Engineer%20(Planning%20and%20Design)/City%20Development%20Plan/Economic%20profile.pdf |archive-date=25 November 2013 |access-date=25 August 2013 |quote=Mumbai, at present, is in reverse gear, as regards the economic growth and quality of life.}}</ref>

{{multiple image
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 | image1    = Three Sixty West,Mumbai.jpg
 | caption1  = [[Three Sixty West]] Tower B, occupied by [[The Ritz-Carlton Hotel Company| The Ritz-Carlton]], is among   the [[List of tallest buildings in Mumbai|tallest commercial skyscrapers]] in the city.
 | image2    = Phiroze Jeejeebhoy Towers Bombay Stock Exchange.jpg
 | caption2  = The [[Bombay Stock Exchange]] is the oldest stock exchange in Asia.
}}

Until the 1970s, Mumbai owed its prosperity largely to textile mills and the [[seaport]], but the local economy has since then diversified to include [[finance]], [[engineering]], diamond-polishing, [[healthcare]], and information technology.<ref>{{harvnb|Swaminathan|Goyal|2006|p=52}}</ref>
The key sectors contributing to the city's economy are: finance, gems & jewellery, leather processing, IT and [[Business process outsourcing|ITES]], textiles, petrochemical, electronics manufacturing, automobiles, and entertainment. [[Nariman Point]] and [[Bandra Kurla Complex]] (BKC) are Mumbai's major financial centres.<ref name="ecoprofile" />

Despite competition from [[Bengaluru]], [[Hyderabad]] and [[Pune]], Mumbai has carved a niche for itself in the information technology industry. The [[SEEPZ|Santacruz Electronic Export Processing Zone]] (SEEPZ) and the International Infotech Park ([[Navi Mumbai]]) offer excellent facilities to IT companies.<ref>{{cite web |url=http://drnarendrajadhav.info/drnjadhav_web_files/Published%20papers/Role%20of%20Mumbai%20City%20in%20Indian%20Economy.pdf |title=Role of Mumbai in Indian Economy |access-date=25 August 2013 |last=Jadhav |first=Narendra |author-link=Narendra Jadhav |url-status=dead |archive-url=https://web.archive.org/web/20120522221937/http://drnarendrajadhav.info/drnjadhav_web_files/Published%20papers/Role%20of%20Mumbai%20City%20in%20Indian%20Economy.pdf |archive-date=22 May 2012}}</ref>

State and central government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled self-employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics, and other such [[blue collar]] professions. The port and shipping industry is well established, with [[Mumbai Port]] being one of the oldest and most significant ports in India.<ref>{{cite web |url=http://www.ipa.nic.in/oper.htm |title=Indian Ports Association, Operational Details |access-date=16 April 2009 |publisher=Indian Ports Association |url-status=dead |archive-url=https://web.archive.org/web/20090410022515/http://ipa.nic.in/oper.htm |archive-date=10 April 2009}}</ref> [[Dharavi]], in central Mumbai, has an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories.<ref name="gua">{{Cite news |first=Dan |last=McDougall |title=Waste not, want not in the £700m slum |work=The Guardian |location=UK |date=4 March 2007 |access-date=29 April 2009 |url=https://www.theguardian.com/environment/2007/mar/04/india.recycling |url-status=live |archive-url=https://web.archive.org/web/20130831032146/http://www.theguardian.com/environment/2007/mar/04/india.recycling |archive-date=31 August 2013}}</ref>

As of 2024, Mumbai is home to the [[List of cities by number of billionaires|third-highest number of billionaires]] of any city in the world.<ref name="Mumbai_data">* {{cite news |url=https://timesofindia.indiatimes.com/city/mumbai/Mumbai-sixth-among-top-10-global-cities-on-billionaire-count/articleshow/19978005.cms?referral=PM |title=Mumbai sixth among top 10 global cities on billionaire count |newspaper=The Times of India |date=10 May 2013 |access-date=8 July 2013 |url-status=live |archive-url=https://web.archive.org/web/20140804042725/http://timesofindia.indiatimes.com/city/mumbai/Mumbai-sixth-among-top-10-global-cities-on-billionaire-count/articleshow/19978005.cms?referral=PM |archive-date=4 August 2014 }}
* {{Cite news |last=Bharucha |first=Nauzer |date=9 March 2015 |title=Thirty of India's 68 billionaires live in Mumbai |work=[[The Times of India]] |location=Mumbai |url=https://timesofindia.indiatimes.com/city/mumbai/Thirty-of-Indias-68-billionaires-live-in-Mumbai/articleshow/46503633.cms |url-status=live |access-date=10 March 2015 |archive-url=https://web.archive.org/web/20150310040742/http://timesofindia.indiatimes.com/city/mumbai/Thirty-of-Indias-68-billionaires-live-in-Mumbai/articleshow/46503633.cms |archive-date=10 March 2015 }}
* {{Cite news |date=10 March 2015 |title=With 68 billionaires, India ranks 7th globally; Mumbai leads in India with 30 |work=[[Daily News and Analysis]] |location=New Delhi |url=http://www.dnaindia.com/money/report-by-2024-number-of-billionaires-in-india-expected-to-swell-to-3371-2067378 |url-status=live |access-date=10 March 2015 |archive-url=https://web.archive.org/web/20150312102008/http://www.dnaindia.com/money/report-by-2024-number-of-billionaires-in-india-expected-to-swell-to-3371-2067378 |archive-date=12 March 2015 }}
* {{cite news |url=https://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities_slide_5.html?thisSpeed=15000 |work=Forbes |title=In Pictures: The Top 10 Cities For Billionaires |access-date=28 April 2009 |first=Chaniga |last=Vorasarun |url-status=live |archive-url=https://web.archive.org/web/20090422212819/http://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities_slide_5.html?thisSpeed=15000 |archive-date=22 April 2009 }}
* {{Cite web |title=Richest Cities In The World: The Top 10 Cities With The Most Billionaires |url=https://www.forbes.com/sites/cartercoudriet/2019/03/07/richest-cities-in-the-world-the-top-10-cities-with-the-most-billionaires/ |last=Coudriet |first=Carter |website=Forbes |language=en |access-date=14 May 2020 |archive-date=12 November 2021 |archive-url=https://web.archive.org/web/20211112163703/https://www.forbes.com/sites/cartercoudriet/2019/03/07/richest-cities-in-the-world-the-top-10-cities-with-the-most-billionaires/ |url-status=live }}
* {{cite news |url=https://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html |title=Cities of the Billionaires |last=Vorasarun |first=Chaniga |work=Forbes |date=30 April 2008 |access-date=28 April 2009 |url-status=live |archive-url=https://web.archive.org/web/20090417171221/http://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html |archive-date=17 April 2009 }}</ref> With a total wealth of around $960&nbsp;billion,<ref>{{Cite web |url=https://www.gqindia.com/get-smart/content/wealthiest-cities-worldwide-in-2019-list-mumbai-is-the-12th-wealthiest-city-in-the-world |title=Mumbai is the 12th wealthiest city in the world, leaving Paris and Toronto behind |date=14 October 2019 |website=GQ India |access-date=17 August 2021 |archive-date=4 November 2021 |archive-url=https://web.archive.org/web/20211104125658/https://www.gqindia.com/get-smart/content/wealthiest-cities-worldwide-in-2019-list-mumbai-is-the-12th-wealthiest-city-in-the-world |url-status=live }}</ref><ref>{{cite web |url=http://indianexpress.com/article/india/mumbai-richest-indian-city-with-total-wealth-of-820-billion-delhi-comes-second-report-4544685/ |title=Mumbai richest Indian city with total wealth of $820&nbsp;billion, Delhi comes second: Report |date=26 February 2017 |url-status=live |archive-url=https://web.archive.org/web/20170227063903/http://indianexpress.com/article/india/mumbai-richest-indian-city-with-total-wealth-of-820-billion-delhi-comes-second-report-4544685/ |archive-date=27 February 2017}}</ref> it is the richest Indian city and one of the richest cities in the world.<ref name="Mumbai_info">* {{Cite news |url=https://www.business-standard.com/article/current-affairs/mumbai-12th-richest-city-in-the-world-nyc-on-top-with-65-billionaires-119101001520_1.html |title=Mumbai 12th richest city in the world, NYC on top with 65 billionaires |first=Sudipto |last=Dey |newspaper=Business Standard India |date=10 October 2019 |access-date=17 August 2021 |archive-date=24 September 2021 |archive-url=https://web.archive.org/web/20210924031050/https://www.business-standard.com/article/current-affairs/mumbai-12th-richest-city-in-the-world-nyc-on-top-with-65-billionaires-119101001520_1.html |url-status=live }}
* {{cite web |url=http://www.mastercard.com/us/company/en/insights/pdfs/2008/MCWW_WCoC-Report_2008.pdf |title=Worldwide Centres of Commerce Index 2008 |publisher=[[MasterCard]] |page=21 |access-date=28 April 2009 |url-status=dead |archive-url=https://web.archive.org/web/20120504014257/http://www.mastercard.com/us/company/en/insights/pdfs/2008/MCWW_WCoC-Report_2008.pdf |archive-date=4 May 2012 }}
* {{cite web |author=Giacomo Tognini |url=https://www.forbes.com/sites/giacomotognini/2020/04/07/worlds-richest-cities-the-top-10-cities-where-most-billionaires-call-home-2020/ |title=World's Richest Cities: The Top 10 Cities Billionaires Call Home |work=Forbes |access-date=19 June 2020 |archive-date=7 April 2020 |archive-url=https://web.archive.org/web/20200407105020/https://www.forbes.com/sites/giacomotognini/2020/04/07/worlds-richest-cities-the-top-10-cities-where-most-billionaires-call-home-2020/ |url-status=live }}</ref> {{As of|2008}}, the [[Globalization and World Cities Research Network]] has ranked Mumbai as an "[[Globalization and World Cities Research Network#Alpha|alpha]]  world city", third in its categories of [[Global city|Global cities]].<ref name="lboro2008">{{cite web |url=http://www.lboro.ac.uk/gawc/world2008t.html |title=The World According to GaWC 2008 |website=Globalization and World Cities Study Group and Network (GaWC) |publisher=[[Loughborough University]] |access-date=7 May 2009 |url-status=live |archive-url=http://archive.wikiwix.com/cache/20110223235243/http://www.lboro.ac.uk/gawc/world2008t.html |archive-date=23 February 2011}}</ref> Mumbai is the third most expensive office market in the world, and was ranked among the fastest cities in the country for business startup in 2009.<ref name="World Bank and International Financial Corporation">{{cite web |url=http://www.doingbusiness.org/reports/subnational-reports/india |title=Doing Business in India 2009 |publisher=[[World Bank]] |access-date=8 June 2010 |url-status=live |archive-url=https://web.archive.org/web/20101018092951/http://www.doingbusiness.org/Reports/Subnational-Reports/India |archive-date=18 October 2010}}</ref>

=== Income inequality ===
However, Mumbai faces challenges regarding income inequality. Despite having the largest concentration of billionaires out of any city in Asia, Mumbai is one of the most unequal cities in the world.<ref>{{Cite web |last=Chandar |first=Sanaya |date=24 November 2019 |title=Bengaluru, Delhi and Mumbai are among the least inclusive cities in the world |url=https://scroll.in/article/944661/bengaluru-delhi-and-mumbai-are-among-the-least-inclusive-cities-in-the-world |access-date=11 July 2024 |website=Scroll.in |language=en}}</ref> Like other Indian metropolitan cities, Mumbai is in desperate need of affordable housing infrastructure for its lower and lower-middle class citizens. The median rental cost of a one-bedroom apartment in Mumbai proper is around ₹30,000,<ref name="Lewis">{{Cite web |last=Lewis |first=Noah |date=17 August 2019 |title=Wealth disparity and the housing crisis in Mumbai |url=https://www.globeslcc.com/2019/08/17/wealth-disparity-and-the-housing-crisis-in-mumbai/ |access-date=11 July 2024 |website=The Globe |language=en-US}}</ref> while according to ResearchGate, 25% of Mumbai households have a monthly income of less than ₹12,500.<ref>{{Cite web |last=Bertaud |first=Alain |date=November 2010 |title=Mumbai Household Income and Housing |url=https://www.researchgate.net/figure/Mumbai-Household-Income-and-Housing-Typology-Figures-8-and-9-showed-that-the-higher_fig8_228181985 |access-date=11 July 2024 |website=ResearchGate}}</ref> The overall average salary in Mumbai is ₹45,000.<ref name="Lewis"/> This means that the vast majority of conventional housing is out of bounds for many Mumbai residents, leading many to rely on informal housing.