The Bombay back then heavily relied on two to three industries only .Mainly it was cotton, metals and petrochemical industries. However, things changed slowly and slowly to make Mumbai a major hub of economy in the world market.
From a limited population in the 1930’s and 40’s with a limited number of Industries, Mumbai today boasts of major milestones which no other city can even remotely achieve. Mumbai today has become the major diamond market, the boom started in the 1980’s and 90’s when major diamond merchants shifted their base to Mumbai because of the various concessions and policies favoring them. Today, the diamond market in Mumbai is the biggest followed by Surat’s. The gold market at Zaveri Bazaar and various other sections of South Bombay still holds prominence giving hundreds of crores of turnover on daily basis.
The MK Market, the kapda bazaar daily gives turnover in crores in the cloth market. The food industry has thrived 2000% over the last 2 decades with major foreign brands investing their money in Mumbai. Today you name any big food chain brand & you will find it in Mumbai. The banking sector has also evolved vastly with Reserve Bank Of India, ICICI, HDFC, LIC, State Bank of India Group, Unit Trust of India amongst various other banks having its main headquarters in Bombay. Major film production houses right from Dharma, Yash Raj, RK Films, UTV Motion Pictures, Shemaroo, EROS, Red Chillies, Balaji, Excel, Nadiadwala amongst many others are having its base in Mumbai itself. In fact 80 % of the major bollywood films and daily soaps of TV are shot in Mumbai. Even the major entities like the Bombay Stock Exchange, the National Stock Exchange, the World Trade Center are based in Mumbai. The Bombay-Poona Industrial sector accounted for 70% of the major pharmaceutical production in India. Mumbai also has the largest petroleum depot in India while 21 of the 33 major shipping companies including the Shipping Corporation of India(which is the largest shipping company of India) is based in Mumbai. From tata’s to reliance , every major corporate house functions & has established its base in Mumbai. Even in the real estate sector, the biggest of the real estate companies have laid their hands in Mumbai with major infrastructure projects completed as well as under progress. Some of the recently notable projects include the majestic sea-link and the “World One Towers”- the 2nd tallest residential towers in the world developed by the DAMAC group of Dubai in association with the Lodha Group in Lower Parel to name a few.
Mumbai Generates maximum tax and revenue than any other city in Mumbai and it’s not a surprise that two-third of the entire population, especially from different corners of Maharashtra and India have migrated to Mumbai in the last 30 years. For rural villages and small cities, getting a job and a house in Mumbai is still considered a dream and it’s a big deal & why not…it’s certainly a dream city where there is something for everyone!