Mumbai is the second most populated city in the country after Delhi as of 2018, according to the United Nations, and the seventh most populous city in the world with a population of approximately 20 million. According to the 2011 Indian government population census, Mumbai was India’s most populous city with an estimated city population of 12.5 million residing under the Municipal Corporation of Great.
Mumbai is the hub of the Metropolitan Region of Mumbai, the world’s sixth most populous metropolitan area with a population of over 23 million. Mumbai is situated on the west coast of India on the Konkan coast and has a deep natural harbor. Among all cities in India, it has the largest number of millionaires and billionaires.
The seven islands that make up Mumbai were originally home to Koli-speaking Marathi-language communities. For centuries, the islands were under the rule of successive indigenous empires before being ceded to the Portuguese Empire and subsequently to the East India Company when Catherine of Braganza was married by Charles II of England in 1661 and as part of her dowry.
Mumbai is India’s financial, commercial, and entertainment hub. In terms of global financial traffic, it is also one of the world’s top ten centres of trade, producing 6.16 percent of India’s GDP, and accounting for 25 percent of industrial production, 70 percent of India’s maritime trade (Mumbai Port Trust and JNPT), and 70 percent of India’s economy’s capital transactions. Mumbai has the eighth-highest number of billionaires of any region. The city is home to major financial institutions and various Indian businesses and multinational companies have their corporate headquarters. It is also the home of some of the leading research and nuclear institutes in India.
The city is also home to the film industries of Bollywood and Marathi. Company prospects in Mumbai pull migrants from all over India.
HOW DID IT GROW AS THE FINANCIAL CAPITAL
The geographical location of Mumbai port on the west coast made it an economic hinge and trade window to the west. The two trading companies made Mumbai a thriving business hub and centre. Mumbai was prosperous because of the opium trade and the garment industry. Many of the businessmen who contributed to the flourishing of these industries in Bombay were Parsis. In Bombay’s textile industry, three Parsi families were the most active: Petit, Wadia, and Tata.
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Mumbai, a result of the poppy plant, joined the opium trade, which transformed Mumbai into a thriving and prosperous port. In the early 19th century, the Parsi merchants of Gujarat and Mumbai entered this trade and, thanks to their trade monopoly for over six decades, Mumbai became a flourishing and prosperous port. It also transformed the Parsis into a prosperous culture.
At least 14 firms were set up in Canton by Mumbai Parsis, who dominated this lucrative trade, and some even settled down here. The leading Parsi companies were Jamsetjee Jeejeebhoy and Co., Cawasji & Co., and Dadyseth & Co.; David Sassoon & Sons, including the British merchants of Mumbai, also made heavy investments in the trade.
Mumbai, a result of the poppy plant, joined the opium trade, which transformed Mumbai into a thriving and prosperous port. In the early 19th century, the Parsi merchants of Gujarat and Mumbai entered this trade and, thanks to their trade monopoly for over six decades, Mumbai became a flourishing and prosperous port. It also transformed the Parsis into a prosperous culture.
At least 14 firms were set up in Canton by Mumbai Parsis, who dominated this lucrative trade, and some even settled down here. The leading Parsi companies were Jamsetjee Jeejeebhoy and Co., Cawasji & Co., and Dadyseth & Co.; David Sassoon & Sons, including the British merchants of Mumbai, also made heavy investments in the trade.
Other wealthy Indians from other parts of the world have increasingly become involved in this lucrative industry. These included Bhatias, Sindhis, and Gujarat Parsis. In subsequent years, the textile industry became the centre of the industrial development of Mumbai.
The cotton boom of 1860-65 caused the growth of Bombay to increase the cotton trade tremendously. Comparative descriptions of the Cotton Trade.
By the 1920s, the textile industry was dominating the economy of Mumbai.
