Despite suffering big economic losses owing to Covid-19 over the last couple of years, the scenario in India and other nations appears to be stabilizing. The International Monetary Fund (IMF) predicts that India would have the world’s fastest rate of economic growth within the next year. As per IMF predictions, India’s rate of growth might exceed 8.5 percent. India has become one of the world’s fastest-growing countries and has risen to prominence.
Though the contributions in the economic growth cannot be attributed to just one factor or sector, the city which has been leading the way through its contributions is just one – Mumbai!
Mumbai the Richest Indian City
It comes as no surprise as the financial capital of India is also the richest city in the country. With a contributions in excess of $ 310 Billion in the last financial year it has topped the list of richest cities in India that includes the likes of the country’s capital Delhi, Kolkata, Chennai, Bengaluru, Pune etc.
It is from the city of Mumbai that India’s wealth creators operate in several sectors across the country, being home to 217 individuals that comprise 26 percent of the list of the richest individuals in the country it has to be on the list. Mukesh Ambani who is on the list of world’s richest individuals also finds residence in Mumbai as well.
Mumbai is dubbed the “city of dreams.” Hindi Film Industry has long been recognized as the city’s most beautiful and dynamic sector. The city is home to the wealthiest business owners and nearly each Bollywood star. As a result, it serves as a hub for unique economic operations and ﬂows. In India, Bollywood is a cult, and fans revere their favorite stars. People come in with their money to spend on amusement and pleasure. This industry contributes significantly to the Mumbai city’s financial growth.
Mumbai’s Source of Income
Mumbai the capital of the state of Maharashtra have long been the richest city in the country for many reasons. Its rich history as a port had earlier played an important part later on many stalwart businessmen had established their businesses in the city, some of the major brands to come from here are the Tata’s, Reliance and the Birla Group.
Apart from the many businesses, the city is home to the entertainment industry providing facilities that contributes much in the production and distribution of quality entertainment content through the nation. Bollywood the main pillar, the contribution of the entertainment industry is huge as well.
Throughout the year many people from all across the country visit the city for its historical significance and the many tourist spots that it hosts. Tourism also plays an important role in the city’s economy.
Having had such factors to contribute to the economy over the years the title of being the richest city in India may not be handed over to another city any time sooner.