why mumbai is called financial capital of india
Mumbai Mumbai is India's largest city (by population) and is the financial and commercial capital of the country as it generates 6.16% of the total GDP.[31][136][174] It serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and ₹4,000 crore (US$610 million) in corporate taxes.[175] 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.[176] Although Mumbai had prominently figured as the hub of economic activity of India in the 1990s, the Mumbai Metropolitan Region is presently witnessing a reduction in its contribution to India's GDP.[177]
Mumbai Mumbai (/mʊmˈbaɪ/; also known as Bombay, the official name until 1995) is the capital city of the Indian state of Maharashtra. It is the most populous city in India with an estimated city proper population of 12.4 million as of 2011. Along with the neighbouring regions of the Mumbai Metropolitan Region, it is the second most populous metropolitan area in India, with a population of 21.3 million as of 2016[update].[16][17][18] Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour. In 2008, Mumbai was named an alpha world city.[19] It is also the wealthiest city in India,[20][21] and has the highest number of millionaires and billionaires among all cities in India.[22][23]
Finance Commission Major Recommendations of 14th Finance Commission headed by Prof. Y V Reddy
Mumbai Mumbai (/mʊmˈbaɪ/; also known as Bombay, the official name until 1995) is the capital city of the Indian state of Maharashtra. It is the most populous city in India with an estimated city proper population of 12.4 million as of 2011. Along with the neighbouring regions of the Mumbai Metropolitan Region, it is the second most populous metropolitan area in India, with a population of 21.3 million as of 2016[update].[12][13][14] Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour.