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Economy of Mumbai |
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Mumbai, India’s commercial capital is blessed with some of the most prosperous and promising industries. Formerly called Bombay, it is noted for contributing a substantial share of its major industries into the country’s economy. Apart from being the hub of some of the most renowned companies of India, Mumbai is also headquarter of several financial institutes such as Reserve Bank of India, Mint, Bombay Stock Exchange and National Stock Exchange. Most of the world known companies, namely Tata Group, Reliance Industries Limited, HDFC Bank, Godrej, JP MorganChase, Life Insurance Corporation and so forth have their base in South Mumbai.
Though cotton textile industry was the most significant sector of the city; however, in the present times the economy of Mumbai have transformed into a diversified one. Today, the economy of Mumbai comprises industries like metal, automobile manufacturing, food processing, electronics, petrochemicals, light manufacturing, clothing, film and so forth. Including these industries, there are other specialized sectors such as computer, diamond cutting and movie making, which add a considerable percentage to the economy of Mumbai. With numerous financial centers having their headquarters at Mumbai, the city is a hub for monetary and economic transactions.
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