Manya Rathore
Research expert covering India
Mumbai - statistics and facts
Mumbai (formerly Bombay) is the capital city of the western coastal Indian state of Maharashtra. It is considered the de facto financial capital of the country and is home to the Hindi film industry or Bollywood. The megacity is the second largest in India and accounts for the highest number of millionaires in the country. Consequently, Mumbai’s real estate is among the most expensive in the world, and a surge in luxury housing prices placed the city in the 37th position worldwide. Popularly called, the city of dreams or “Mayanagri”, it attracts thousands of migrants from within and outside of Maharashtra due to the presence of various industries and opportunities.
In contrast to the high-rise cityscape, the shortage of affordable housing and low incomes have led to slum proliferation and ghettoization, the most famous example being Dharavi, touted as Asia’s largest slum. In the 19th century, the British cleared factories out of southern Mumbai leading to workers and low-income families moving to Dharavi. The area has attracted migrant laborers for years. More than just a slum settlement, Dharavi is a mass producer and inhabits several manufacturing industries such as leather, food products, textiles, and pottery, that form a significant part of Mumbai’s economy. It is an excellent example of a circular economy, with thousands of its factories engaged in waste recycling and sorting garbage, plastic, and metals. Plans to redevelop Dharavi have been mooted time and again; however, recently, the Adani Group of companies won the bid to carry out what is being called one of the ‘world’s largest urban development’ projects in Dharavi.
Mumbai’s formal and informal economy
Mumbai is the hub of money and financial-related administrative powers in India (Reserve Bank of India and Securities and Exchange Board of India) and two stock exchanges (Bombay Stock Exchange and National Stock Exchange). Various large corporations and conglomerates such as Reliance, Tata, and Aditya Birla Groups are also headquartered in the city. It is the epicenter of Bollywood, an industry that earns billions in box-office revenue worldwide. SEEPZ (Santacruz Electronics Export Processing Zone), a special economic zone in the heart of the city established to attract investments and propel economic activity, exported goods worth more than three billion U.S. dollars in 2023. With a plethora of industries at work, it is not surprising that Mumbai is the leading contributor to India’s GDP.In contrast to the high-rise cityscape, the shortage of affordable housing and low incomes have led to slum proliferation and ghettoization, the most famous example being Dharavi, touted as Asia’s largest slum. In the 19th century, the British cleared factories out of southern Mumbai leading to workers and low-income families moving to Dharavi. The area has attracted migrant laborers for years. More than just a slum settlement, Dharavi is a mass producer and inhabits several manufacturing industries such as leather, food products, textiles, and pottery, that form a significant part of Mumbai’s economy. It is an excellent example of a circular economy, with thousands of its factories engaged in waste recycling and sorting garbage, plastic, and metals. Plans to redevelop Dharavi have been mooted time and again; however, recently, the Adani Group of companies won the bid to carry out what is being called one of the ‘world’s largest urban development’ projects in Dharavi.
Mobility woes
The city is swarmed by perennial traffic congestion, ranking among the world’s most traffic jam-prone cities. Local trains and buses are usually overburdened. Heavy rains during the monsoon season aggravate the traffic problem and lead to road closures, train cancellations, and school holidays in Mumbai and neighboring areas. Limited availability of land in areas such as southern Mumbai has stunted the growth of above-ground train and bus networks. The new metro lines are, however, expected to relieve the city from vehicular pressure and reduce the crowds on the aging suburban rails. In addition to public safety, the new lines are also expected to improve air quality and reduce the annual emissions of the city.
