section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Mumbai, sometimes described as the New York of India, 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. 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 duty collections, 20% of central excise tax collections, 40% of foreign trade, and ₹ 40 billion (equivalent to ₹ 130 billion or US$1.5 billion in 2023) in corporate taxes.
  
  Along with the rest of India, Mumbai has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in the 2000s. Although Mumbai had prominently figured as the hub of economic activity of India in the 1990s, the Mumbai Metropolitan Region 's contribution to India's GDP is currently declining.
  
  Recent estimates of the economy of the Mumbai Metropolitan Region have ranged from $368 billion to $400 billion (PPP metro GDP) ranking it either the most or second-most productive metro area of India..Many of India's numerous conglomerates (including Larsen & 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).
  
  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. The key sectors contributing to the city's economy are: finance, gems & jewellery, leather processing, IT and ITES, textiles, petrochemical, electronics manufacturing, automobiles, and entertainment. Nariman Point and Bandra Kurla Complex (BKC) are Mumbai's major financial centres.
  
  Despite competition from Bangalore, Hyderabad and Pune, Mumbai has carved a niche for itself in the information technology industry. The Santacruz Electronic Export Processing Zone (SEEPZ) and the International Infotech Park (Navi Mumbai) offer excellent facilities to IT companies.
  
  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. 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.
  
  As of 2024, Mumbai is home to the third-highest number of billionaires of any city in the world. With a total wealth of around $960 billion, it is the richest Indian city and one of the richest cities in the world. As of 2008, the Globalization and World Cities Study Group (GaWC) has ranked Mumbai as an "Alpha world city", third in its categories of Global cities. 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.