City Focus: Mumbai, export giant of India
As the most populous city in India, Mumbai is well known as a hub for multinational businesses in one of the world’s largest consumer markets.
Mumbai – the facts
Mumbai has an estimated population of about 12.5mn people, making it India's most populous city. Situated on the country's west coast, Mumbai has a deep natural harbour. Originally a collection of seven islands, Mumbai was named an alpha world city in 2008. It is also India's wealthiest city and home to the greatest number of billionaires and millionaires in India.
A commercial and financial hub, Mumbai has an annual gross domestic product (GDP) of more than $400bn. This places Mumbai as number 17 of the top 20 cities in the world ranked by GDP. Mumbai is also responsible for more than 6% of the country's total GDP. As of 2017, Mumbai was home to 24 companies found on the Forbes 2000 list. A survey by Jones Lang LaSalle (JLL) found that the city was the recipient of $1.7bn worth of real estate investments.
The following conglomerates are based in Mumbai:
In addition to corporate and personal banking services, the State Bank of India also offers international banking, agricultural and rural banking and other services.
One of the largest conglomerates in India, the Tata Group works across industries including real estate, chemicals, automotive, steel, engineering services, healthcare and more.
Life Insurance Corporation of India
Employing nearly 115,000 people and with total assets of $330bn, the Life Insurance Corporation of India is a conglomerate not only offering life insurance but also health insurance and mutual funds, as well as investment management.
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Diversification: The key to Mumbai's success
While a large proportion of the city's workforce relies on the state and central government for its employment, there is also a large segment of those who are self-employed in both skilled and semi-skilled positions. The Mumbai Port is one of the most significant in the country. Spanning more than 150 square miles, the port is home to a well-established shipping industry as well as port services associated with it.
As part of its drive to diversify, Mumbai has become known as a hub for information technology companies. The Santacruz Electronic Export Processing Zone (SEEPZ) offers both business and tax incentives that are designed to spur rapid economic growth, attract technology and encourage foreign investment. Though it was originally created as an export processing zone, the SEEPZ has diversified into an area more focused on technology. Software and electronic hardware companies, as well as manufacturing companies and jewellery exporters, are located in the zone. More than 40% of India's jewellery exports are based out of the SEEPZ.
Tech takes off
According to Deloitte’s Fast50 India, the following companies are ones to watch in the fast-growing tech sector:
Mobisy Technologies was founded in 2006 and maintains an office in Mumbai. It focuses on supply chain automation and sales force solutions with its Bizom product. Mobisy Technologies was recognised by Deloitte as the third fastest-growing company in India.
Providing marketing software designed for small and medium businesses under its Leadsquared banner, MarketXpander Services focuses on various industries including real estate, education and financial services. The company has offices in Mumbai, the United States and Gurgaon, and is headquartered in Bengaluru.
Headquartered in Mumbai, White Rivers Digital was founded in 2012. Offering full-service digital and video marketing solutions to clients in eight countries, White Rivers Digital currently employs a team of more than 60 digital marketers. The company works with top Indian brands in the real estate, fashion retail, entertainment and food and beverage spaces. Deloitte recognised the firm as the 10th fastest-growing company in India.
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