104-585: Mankhurd (Pronunciation: [maːnkʰuɾd̪(ə)] ) is a suburb in eastern Mumbai , Maharashtra . Mankhurd railway station is on the Harbour Line of the Mumbai Suburban Railway . The Mankhurd suburb is part of and the easternmost boundary of the municipal ward M-East. The Navjivan Sudhar Kendra (aka Navjivan Mahila Vustigruh) is a shelter for rescued women (women rescued by the police during raids in bars and brothels). The inmates are sheltered here pending
208-475: A 'resident of'. The term had been in use for quite some time but it gained popularity after the official name change to Mumbai. Older terms such as Bombayite are also used. Mumbai is built on what was once an archipelago of seven islands : Isle of Bombay , Parel , Mazagaon , Mahim , Colaba , Worli , and Old Woman's Island (also known as Little Colaba ). It is not exactly known when these islands were first inhabited. Pleistocene sediments found along
312-463: A centre for finance in the Middle East , including for Islamic finance . The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen
416-524: A financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources". New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists. These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands,
520-542: A leading international financial centre since the 19th century , acting as a centre of lending and investment around the world. English contract law was adopted widely for international finance , with legal services provided in London. Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping. During
624-527: A major financial centre in the 1980s as the Japanese economy became one of the largest in the world. Hong Kong and Singapore developed soon after leveraging their links with London and Britain. In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and Astana . Astana International Financial Centre has become the fastest growing financial hub in Central Asia. Dubai has become
728-482: A memorial to the martyrs of the Samyukta Maharashtra movement, Flora Fountain was renamed as Hutatma Chowk (Martyr's Square) and a memorial was erected. The following decades saw massive expansion of the city and its suburbs. In the late 1960s, Nariman Point and Cuffe Parade were reclaimed and developed. The Mumbai Metropolitan Region Development Authority (BMRDA) was established on 26 January 1975 by
832-599: A niche for itself in the information technology industry. The Santacruz Electronic Export Processing Zone (SEEPZ) and the International Infotech Park ( Navi Mumbai ) offer excellent facilities to IT companies. State and central government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled self-employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics, and other such blue collar professions. The port and shipping industry
936-504: A one-bedroom apartment in Mumbai proper is around ₹30,000, while according to ResearchGate, 25% of Mumbai households have a monthly income of less than ₹12,500. The overall average salary in Mumbai is ₹45,000. This means that the vast majority of conventional housing is out of bounds for many Mumbai residents, leading many to rely on informal housing. Greater Mumbai (or Brihanmumbai), an area of 603 km (233 sq mi), consisting of
1040-474: A station in western India. On 11 May 1661, the marriage treaty of Charles II of England and Catherine of Braganza , daughter of King John IV of Portugal , placed the islands in possession of the English Empire , as part of Catherine's dowry to Charles. However, Salsette , Bassein , Mazagaon , Parel , Worli , Sion , Dharavi , and Wadala still remained under Portuguese possession. From 1665 to 1666,
1144-495: A total wealth of around $ 960 billion, it is the richest Indian city and one of the richest cities in the world. As of 2008 , the Globalization and World Cities Study Group (GaWC) has ranked Mumbai as an "Alpha world city", third in its categories of Global cities . Mumbai is the third most expensive office market in the world, and was ranked among the fastest cities in the country for business startup in 2009. However, it
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#17330851694431248-775: A virtually rainless period extending from October to May and an extremely wet period peaking in July. A cooler season from December to February is followed by a hotter season from March to May. The period from June to about the end of September constitutes the south west monsoon season, and October and November form the post-monsoon season. Between June and September, the South-west monsoon rains occur in Mumbai. Pre-monsoon showers are received in May. Occasionally, north-east monsoon showers occur in October and November. The maximum annual rainfall ever recorded
1352-420: A wide range of financial services , for example relating to mergers and acquisitions , public offerings , or corporate actions ; or which participate in other areas of finance , such as private equity , hedge funds , and reinsurance . Ancillary financial services include rating agencies , as well as provision of related professional services , particularly legal advice and accounting services. As of
1456-1212: A working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted): The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited). International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities . Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools , tax–neutral vehicles, and shadow banking / securitisation , and can include smaller locations (e.g. Luxembourg ), or city-states (e.g. Singapore). Since 2010, academics consider Offshore Financial Centres synonymous with tax havens . The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what
1560-537: Is a stub . You can help Misplaced Pages by expanding it . Mumbai Mumbai ( / m ʊ m ˈ b aɪ / muum- BY ; ISO : Muṁbaī , Marathi: [ˈmumbəi] ), formerly known as Bombay ( / b ɒ m ˈ b eɪ / bom- BAY ), is the capital city of the Indian state of Maharashtra . Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12.5 million (1.25 crore ). Mumbai
1664-458: Is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in
1768-573: Is also commonly referred to as the Island City or South Mumbai . The total area of Mumbai is 603.4 square kilometres (233.0 sq mi). Of this, the island city spans 67.79 square kilometres (26.17 sq mi), while the suburban district spans 370 square kilometres (140 sq mi), together accounting for 437.71 square kilometres (169.00 sq mi) under the administration of Municipal Corporation of Greater Mumbai (MCGM). The remaining areas belong to various Defence establishments,
1872-440: Is an Indian Administrative Service (IAS) officer appointed by the state government . Although the municipal corporation is the legislative body that lays down policies for the governance of the city, it is the commissioner who is responsible for the execution of the policies. The commissioner is appointed for a fixed term as defined by state statute. The powers of the commissioner are those provided by statute and those delegated by
1976-457: Is important to acknowledge that Mumbai faces important challenges regarding income inequality. Despite having the largest concentration of billionaires out of any city in Asia, Mumbai is one of the most unequal cities in the world. Like other Indian metropolitan cities, Mumbai is in desperate need of affordable housing infrastructure for its lower and lower-middle class citizens. The median rental cost of
2080-406: Is in charge of the civic and infrastructure needs of the metropolis. The mayor, who serves for a term of 2 + 1 ⁄ 2 years, is chosen through an indirect election by the councillors from among themselves. The municipal commissioner is the chief executive officer and head of the executive arm of the municipal corporation. All executive powers are vested in the municipal commissioner who
2184-536: Is on a narrow peninsula on the southwest of Salsette Island , which lies between the Arabian Sea to the west, Thane Creek to the east and Vasai Creek to the north. Mumbai's suburban district occupies most of the island. Navi Mumbai is east of Thane Creek and Thane is north of Vasai Creek . Mumbai consists of two distinct regions: Mumbai City district and Mumbai Suburban district , which form two separate revenue districts of Maharashtra. The city district region
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#17330851694432288-689: Is the centre of the Mumbai Metropolitan Region , the sixth-most populous metropolitan area in the world with a population of over 23 million (2.3 crore). 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 . Mumbai has the highest number of billionaires out of any city in Asia . The seven islands that constitute Mumbai were earlier home to communities of Marathi language -speaking Koli people . For centuries,
2392-419: Is the commercial capital of India and has evolved into a global financial hub. For several decades it has been the home of India's main financial services companies, and a focus for both infrastructure development and private investment. From being an ancient fishing community and a colonial centre of trade, Mumbai has become South Asia's largest city and home of the world's most prolific film industry. Mumbai
2496-451: Is well established, with Mumbai Port being one of the oldest and most significant ports in India. Dharavi , in central Mumbai, has an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories. As of 2024, Mumbai is home to the third-highest number of billionaires of any city in the world. With
2600-523: The Lok Sabha discussions in 1955, the Congress party demanded that the city be constituted as an autonomous city-state. The States Reorganisation Committee recommended a bilingual state for Maharashtra– Gujarat with Mumbai as its capital in its 1955 report. Bombay Citizens' Committee , an advocacy group of leading Gujarati industrialists lobbied for Mumbai's independent status. Following protests during
2704-607: The New York of India , is India's most populous city and is the financial and commercial capital of the country as it generates 6.16% of the total GDP. It serves as an economic hub of India; as of 2006, Mumbai contributed 10% of the nation's factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade , and ₹ 40 billion (equivalent to ₹ 130 billion or US$ 1.5 billion in 2023) in corporate taxes . Along with
2808-667: The English gained possession of the city in the 17th century, the Portuguese name was anglicised as Bombay . Ali Muhammad Khan, imperial dewan or revenue minister of the Gujarat province, in the Mirat-i Ahmedi (1762) referred to the city as Manbai . The French traveller Louis Rousselet , who visited in 1863 and 1868, states in his book L'Inde des Rajahs , which was first published in 1877: "Etymologists have wrongly derived this name from
2912-689: The Fortune Global 500 companies are based in Mumbai. This is facilitated by the presence of the Reserve Bank of India (RBI), the Bombay Stock Exchange (BSE), the National Stock Exchange of India (NSE), and financial sector regulators such as the Securities and Exchange Board of India (SEBI). Until the 1970s, Mumbai owed its prosperity largely to textile mills and the seaport , but
3016-860: The Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index . The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London -based think tank Z/Yen in conjunction with the Shenzhen -based think tank China Development Institute . The 36th edition of the GFCI was published in September 2024. Old finance centres such as Amsterdam, London, Paris, and New York have long histories . Today there
3120-905: The Government of India and the Consulate General of the United States, Mumbai monitor and publicly share real-time air quality data. In December 2019, IIT Bombay , in partnership with the McKelvey School of Engineering of Washington University in St. Louis launched the Aerosol and Air Quality Research Facility to study air pollution in Mumbai, among other Indian cities. Mumbai has been ranked 24th best “National Clean Air City” (under Category 1 >10L Population cities) in India according to 'Swachh Vayu Survekshan 2024 Results' Mumbai, sometimes described as
3224-563: The Government of Maharashtra as an apex body for planning and co-ordination of development activities in the Mumbai metropolitan region . In August 1979, a sister township of New Mumbai was founded by the City and Industrial Development Corporation (CIDCO) across the Thane and Raigad districts to help the dispersal and control of Mumbai's population. The textile industry in Mumbai largely disappeared after
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3328-542: The Hindi and Marathi film industries. Mumbai's business opportunities attract migrants from all over India. The name Mumbai ( Marathi : मुंबई ) originated from Mumbā or Mahā-Ambā —the name of the patron Hindu goddess ( kuladevata ) Mumbadevi of the native Koli community —and from ā'ī , meaning "mother" in the Marathi language , which is the mother tongue of the Koli people and
3432-570: The Italian city-states (such as Venice and Genoa ) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli . In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to
3536-457: The Low Countries , first to Bruges , and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment. By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. London and Paris were the world's only prominent financial centres throughout most of
3640-483: The Mithi River originates from Tulsi Lake and gathers water overflowing from Vihar and Powai Lakes. The coastline of the city is indented with numerous creeks and bays, stretching from the Thane creek on the eastern to Madh Marve on the western front. The eastern coast of Salsette Island is covered with large mangrove swamps , rich in biodiversity, while the western coast is mostly sandy and rocky. Soil cover in
3744-686: The Mumbai City and Mumbai Suburban districts, extends from Colaba in the south, to Mulund and Dahisar in the north, and Mankhurd in the east. Its population as per the 2011 census was 12,442,373. It is administered by the Brihanmumbai Municipal Corporation (BMC) (sometimes referred to as the Municipal Corporation of Greater Mumbai ), formerly known as the Bombay Municipal Corporation (BMC). The BMC
3848-706: The Mumbai Port Trust , the Atomic Energy Commission and the Borivali National Park, which are out of the jurisdiction of the MCGM. The Mumbai Metropolitan Region which includes portions of Thane , Palghar and Raigad districts in addition to Greater Mumbai, covers an area of 4,355 square kilometres (1,681 sq mi). Mumbai lies at the mouth of the Ulhas River on the western coast of India, in
3952-627: The Treaty of Bassein with the Portuguese Empire on 23 December 1534. According to the treaty, the Seven Islands of Bombay, the nearby strategic town of Bassein and its dependencies were offered to the Portuguese. The territories were later surrendered on 25 October 1535. The Portuguese were actively involved in the foundation and growth of their Roman Catholic religious orders in Bombay. They called
4056-706: The Treaty of Surat (1775), the British formally gained control of Salsette and Bassein, resulting in the First Anglo-Maratha War . The British were able to secure Salsette from the Marathas without violence through the Treaty of Purandar (1776) , and later through the Treaty of Salbai (1782), signed to settle the outcome of the First Anglo-Maratha War. From 1782 onwards, the city was reshaped with large-scale civil engineering projects aimed at merging all
4160-579: The demolition of the Babri Masjid in Ayodhya , the city was rocked by the Hindu-Muslim riots of 1992–93 in which more than 1,000 people were killed. In March 1993, a series of 13 coordinated bombings at several city landmarks by Islamic extremists and the Mumbai underworld resulted in 257 deaths and over 700 injuries. In 2006, 209 people were killed and over 700 injured when seven bombs exploded on
4264-706: The seven islands of Bombay into a single amalgamated mass by way of a causeway called the Hornby Vellard , which was completed by 1784. In 1817, the British East India Company under Mountstuart Elphinstone defeated Baji Rao II , the last of the Maratha Peshwa in the Battle of Khadki . Following his defeat, almost the whole of the Deccan Plateau came under British suzerainty, and was incorporated into
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4368-466: The seven islands of Bombay were under the control of successive indigenous rulers before being ceded to the Portuguese Empire , and subsequently to the East India Company in 1661, through the dowry of Catherine Braganza when she was married off to Charles II of England . Beginning in 1782, Mumbai was reshaped by the Hornby Vellard project, which undertook reclamation of the area between
4472-589: The 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs. The first real international financial centre was the city state of Venice which slowly emerged from the 9th century to its peak in the 14th century. Tradable bonds as a commonly used type of security, were invented by
4576-595: The 19th century. After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found market niches , such as Amsterdam, Brussels , Zurich , and Geneva . London was the leading international financial centre in the four decades before World War I . Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo , Hong Kong , Singapore and Shanghai . London has been
4680-582: The 2024 edition of the Global Financial Centres Index , New York City , London and Hong Kong ranked top 3 globally, while other well known financial centres include Singapore , Shanghai , Frankfurt and Tokyo , amongst others. In April 2000, the Financial Stability Forum ("FSF"), concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the International Monetary Fund (IMF) published
4784-477: The 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s. London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around
4888-477: The 21st century. Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of 2007–08 . Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three factors for success as
4992-662: The Bombay Presidency. The success of the British campaign in the Deccan marked the end of all attacks by native powers. By 1845, the seven islands coalesced into a single landmass by the Hornby Vellard project via large scale land reclamation . On 16 April 1853, India's first passenger railway line was established, connecting Mumbai to the neighbouring town of Thana (now Thane). During the American Civil War (1861–1865),
5096-539: The British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens , and on lists of the largest Conduit and Sink OFCs in the world. In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs. Primitive financial centres started in
5200-468: The Conduit OFC's extensive networks of global bilateral tax treaties . Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations. Prior to the 1960s, there was little data available to rank financial centres. In recent years many rankings have been developed and published. Two of the most relevant are
5304-638: The Delhi Sultanate. The islands were later governed by the independent Gujarat Sultanate , which was established in 1407. As a result of the Sultanate's support, numerous mosques were built, with one notable example being the Haji Ali Dargah in Worli . Erected in 1431, this magnificent structure pays homage to the revered Muslim saint, Haji Ali. From 1429 to 1431, the islands were a source of contention between
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#17330851694435408-449: The English managed to acquire Mahim, Sion, Dharavi, and Wadala. In accordance with the Royal Charter of 27 March 1668 , England leased these islands to the English East India Company in 1668 for a sum of £ 10 per annum. The population quickly rose from 10,000 in 1661, to 60,000 in 1675. The islands were subsequently attacked by Yakut Khan , the Muslim Koli admiral of the Mughal Empire , in October 1672, Rickloffe van Goen ,
5512-462: The English name to Mumbai in November 1995. This came at the insistence of the Marathi nationalist Shiv Sena party, which had just won the Maharashtra state elections, and mirrored similar name changes across the country and particularly in Maharashtra. According to Slate magazine, "they argued that 'Bombay' was a corrupted English version of 'Mumbai' and an unwanted legacy of British colonial rule." Slate also said "The push to rename Bombay
5616-415: The Governor-General of Dutch India on 20 February 1673, and Siddi admiral Sambal on 10 October 1673. In 1687, the English East India Company transferred its headquarters from Surat to Mumbai. The city eventually became the headquarters of the Bombay Presidency . Following the transfer, Mumbai was placed at the head of all the company's establishments in India. Towards the end of the 17th century,
5720-414: The Gujarat Sultanate and the Bahmani Sultanate of Deccan. In 1493, Bahadur Khan Gilani of the Bahmani Sultanate attempted to conquer the islands but was defeated. The Mughal Empire , founded in 1526, was the dominant power in the Indian subcontinent during the mid-16th century. Growing apprehensive of the power of the Mughal emperor Humayun , Sultan Bahadur Shah of Gujarat was obliged to sign
5824-400: The IMF called dubious purposes , citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy . The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with
5928-404: The Indian union were integrated into the state. Subsequently, the city became the capital of Bombay State. In April 1950, Municipal limits of Mumbai were expanded by merging the Mumbai Suburban District and Mumbai City to form the Greater Mumbai Municipal Corporation. The Samyukta Maharashtra movement to create a separate Maharashtra state including Mumbai was at its height in the 1950s. In
6032-435: The Island City, the average maximum temperature is 31 °C (88 °F), while the average minimum temperature is 24 °C (75 °F). In the suburbs, the daily mean maximum temperature range from 29 °C (84 °F) to 33 °C (91 °F), while the daily mean minimum temperature ranges from 16 °C (61 °F) to 26 °C (79 °F). The record high is 42.2 °C (108 °F) set on 14 April 1952, and
6136-434: The Portuguese Bôa Bahia, or (French: "bonne bai", English: "good bay"), not knowing that the tutelar goddess of this island has been, from remote antiquity, Bomba, or Mumba Devi , and that she still ... possesses a temple". By the late 20th century, the city was referred to as Mumbai or Mambai in Marathi, Konkani , Gujarati , Kannada and Sindhi , and as Bambai in Hindi . The Government of India officially changed
6240-606: The Portuguese word "bom" with the English "bay", from the English version of the name. In 1516, Portuguese explorer Duarte Barbosa used the name Tana-Maiambu : Tana appears to refer to the adjoining town of Thane and Maiambu to Mumbadevi . The form Bombaim is still commonly used in Portuguese. Other variations recorded in the 16th and the 17th centuries include: Mombayn (1525), Bombay (1538), Bombain (1552), Bombaym (1552), Monbaym (1554), Mombaim (1563), Mombaym (1644), Bambaye (1666), Bombaiim (1666), Bombeye (1676), Boon Bay (1690) and Bon Bahia . After
6344-404: The academic lists of tax havens include all the FSF–IMF OFCs). In July 2017, a study by the University of Amsterdam 's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs : Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in
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#17330851694436448-420: The city became the world's chief cotton-trading market, resulting in a boom in the economy that subsequently enhanced the city's stature. The opening of the Suez Canal in 1869 transformed Mumbai into one of the largest seaports on the Arabian Sea . In September 1896, Mumbai was hit by a bubonic plague epidemic where the death toll was estimated at 1,900 people per week. About 850,000 people fled Mumbai and
6552-402: The city like the Bombay Castle , Castella de Aguada (Castelo da Aguada or Bandra Fort), and Madh Fort . The English were in constant struggle with the Portuguese vying for hegemony over Mumbai, as they recognised its strategic natural harbour and its natural isolation from land attacks. By the middle of the 17th century the growing power of the Dutch Empire forced the English to acquire
6656-401: The city region is predominantly sandy due to its proximity to the sea. In the suburbs, the soil cover is largely alluvial and loamy. The underlying rock of the region is composed of black Deccan basalt flows, and their acidic and basic variants dating back to the late Cretaceous and early Eocene eras. Mumbai sits on a seismically active zone owing to the presence of 23 fault lines in
6760-534: The city was incorporated into Bombay State . In 1960, following the Samyukta Maharashtra Movement , a new state of Maharashtra was created with Mumbai as the capital. Mumbai is the financial , commercial, and entertainment capital of South Asia . Mumbai is often compared to New York , and the city is home to the Bombay Stock Exchange , situated on Dalal Street . It is also one of the world's top ten centres of commerce in terms of global financial flow, generating 6.16% of India's GDP, and accounting for 25% of
6864-458: The city's commuter trains . In 2008, a series of ten coordinated attacks by armed terrorists for three days resulted in 173 deaths, 308 injuries, and severe damage to several heritage landmarks and prestigious hotels. The three coordinated bomb explosions in July 2011 that occurred at the Opera house , Zaveri Bazaar and Dadar were the latest in the series of terrorist attacks in Mumbai which resulted in 26 deaths and 130 injuries. Mumbai
6968-414: The city: Vihar , Lower Vaitarna , Upper Vaitarna , Tulsi , Tansa and Powai . Tulsi Lake and Vihar Lake are located in Borivili National Park , within the city's limits. The supply from Powai lake, also within the city limits, is used only for agricultural and industrial purposes. Three small rivers, the Dahisar River , Poinsar (or Poisar) and Ohiwara (or Oshiwara) originate within the park, while
7072-488: The coastal areas around Kandivali in northern Mumbai suggest that the islands were inhabited since the South Asian Stone Age . Perhaps at the beginning of the Common Era , or possibly earlier, they came to be occupied by the Koli fishing community. In the 3rd century BCE, the islands formed part of the Maurya Empire , during its expansion in the south, ruled by the Buddhist emperor Ashoka of Magadha . The Kanheri Caves in Borivali were excavated from basalt rock in
7176-413: The coastal region known as the Konkan . It sits on Salsette Island (Sashti Island), which it partially shares with the Thane district . Mumbai is bounded by the Arabian Sea to the west. Many parts of the city lie just above sea level, with elevations ranging from 10 to 15 metres (33 to 49 ft); the city has an average elevation of 14 metres (46 ft). Northern Mumbai (Salsette) is hilly, and
7280-519: The control of successive indigenous dynasties : Satavahanas , Western Satraps , Abhira , Vakataka , Kalachuris , Konkan Mauryas , Chalukyas and Rashtrakutas , before being ruled by the Shilaharas from 810 to 1260. Some of the oldest edifices in the city built during this period are the Jogeshwari Caves (between 520 and 525), Elephanta Caves (between the sixth to seventh century), Walkeshwar Temple (10th century), and Banganga Tank (12th century). King Bhimdev founded his kingdom in
7384-841: The corporation or the standing committee. Financial centre A financial centre ( financial center in American English ) or financial hub is a location with a significant concentration of participants in banking asset management , insurance , and financial markets , with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds , insurers, and hedge funds ), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses , although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer
7488-507: The evacuation of the residents of those areas to temporary safe camps. Air pollution is a major issue in Mumbai. According to the 2016 World Health Organization Global Urban Ambient Air Pollution Database, the annual average PM2.5 concentration in 2013 was 63 μg/m , which is 6.3 times higher than that recommended by the WHO Air Quality Guidelines for the annual mean PM2.5. The Central Pollution Control Board for
7592-572: The first century CE, and served as an important centre of Buddhism in Western India during ancient Times. The city then was known as Heptanesia ( Ancient Greek : A Cluster of Seven Islands) to the Greek geographer Ptolemy in 150 CE. The Mahakali Caves in Andheri were cut out between the 1st century BCE and the 6th century CE. Between the 2nd century BCE and 9th century CE, the islands came under
7696-416: The focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters , the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre. New York City remains
7800-558: The highest point in the city is 450 metres (1,480 ft) at Salsette in the Powai – Kanheri ranges. The Sanjay Gandhi National Park (Borivali National Park) is located partly in the Mumbai suburban district , and partly in the Thane district, and it extends over an area of 103.09 square kilometres (39.80 sq mi). Apart from the Bhatsa Dam , there are six major lakes that supply water to
7904-464: The islands again suffered incursions from Yakut Khan in 1689–90. The Portuguese presence ended in Mumbai when the Marathas under Peshwa Baji Rao I captured Salsette in 1737, and Bassein in 1739. By the middle of the 18th century, Mumbai began to grow into a major trading town, and received a huge influx of migrants from across India. Later, the British occupied Salsette on 28 December 1774. With
8008-588: The islands by various names, which finally took the written form Bombaim . The islands were leased to several Portuguese officers during their regime. The Portuguese Franciscans and Jesuits built several churches in the city, prominent being the St. Michael's Church at Mahim (1534), St. John the Baptist Church at Andheri (1579), St. Andrew's Church at Bandra (1580), and Gloria Church at Byculla (1632). The Portuguese also built several fortifications around
8112-592: The largest centre for trading in public equity and debt capital markets , driven in part by the size and financial development of the U.S. economy . The NYSE and NASDAQ are the two largest stock exchanges in the world. New York also leads in hedge fund management; private equity ; and the monetary volume of mergers and acquisitions . Several investment banks and investment managers headquartered in New York City are important participants in other financial centres. The New York Federal Reserve Bank ,
8216-419: The largest financial centres relative to their domestic economies. Progress from 2000 onwards from IMF – OECD – FATF initiatives on common standards, regulatory compliance , and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with tax havens , and use the term OFC and tax haven interchangeably (e.g.
8320-481: The largest within the Federal Reserve System , regulates financial institutions and implements U.S. monetary policy , which in turn influences the world's economy. The three major global credit rating agencies – Standard and Poor's , Moody's Ratings , and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London. In Asia , Tokyo emerged as
8424-519: The local economy has since then diversified to include finance , engineering , diamond-polishing, healthcare , and information technology. The key sectors contributing to the city's economy are: finance, gems & jewellery, leather processing, IT and ITES , textiles, petrochemical, electronics manufacturing, automobiles, and entertainment. Nariman Point and Bandra Kurla Complex (BKC) are Mumbai's major financial centres. Despite competition from Bangalore , Hyderabad and Pune , Mumbai has carved
8528-487: The movement in which 105 people died in clashes with the police, Bombay State was reorganised on linguistic lines on 1 May 1960. Gujarati -speaking areas of Bombay State were partitioned into the state of Gujarat. Maharashtra State with Mumbai as its capital was formed with the merger of Marathi -speaking areas of Bombay State , eight districts from Central Provinces and Berar , five districts from Hyderabad State , and numerous princely states enclosed between them. As
8632-433: The name "Bombaim" after 1512 in his Lendas da Índia ( Legends of India ). While some Anglophone authors have suggested this name possibly originated as an alleged Galician-Portuguese phrase bom baim , meaning "good little bay", such suggestions lack any scientific basis. Portuguese linguist José Pedro Machado attributes that interpretation to a deficient knowledge of the Portuguese language of these authors, mixing up
8736-407: The nation's industrial output, 70% of maritime trade in India ( Mumbai Port Trust , Dharamtar Port and JNPT ), and 70% of capital transactions to India's economy . The city houses important financial institutions and the corporate headquarters of numerous Indian companies and multinational corporations . The city is also home to some of India's premier scientific and nuclear institutes and
8840-501: The official language of Maharashtra. According to certain accounts, the Koli community, which hails from Kathiawar and Central Gujarat , is believed to have introduced their deity Mumba from Kathiawar ( Gujarat ), where her worship continues to this day. However, other sources disagree that Mumbai's name was derived from the goddess Mumba. The oldest known names for the city are Kakamuchee and Galajunkja ; these are sometimes still used. Portuguese writer Gaspar Correia recorded
8944-717: The past few decades, the frequency of floods in Mumbai is enormous, the 2005 Mumbai floods are characterised by 500-1000 deaths, household displacements, damaged infrastructure-(including heritage sites), and a financial loss of US$ 1.2 billion. In the process of reducing floods in Mumbai, the Maharashtra government adopted a flood mitigation plan; according to which the drainage system will be restructured, restoration of Mithi River , and re-establishment of informal settlements. Local civic body Brihanmumbai Municipal Corporation (BMC) authorities are assigned to forecast and issue eviction notices while BMC along with NGO's prepare for
9048-522: The record low is 7.4 °C (45 °F) set on 27 January 1962. Tropical cyclones are rare in the city. The worst cyclone to ever impact Mumbai was the one in 1948 where gusts reached 151 km/h (94 mph) in Juhu. The storm left 38 people dead and 47 missing. The storm reportedly impacted Mumbai for 20 hours and left the city devastated. Mumbai is prone to monsoon floods, exacerbated by climate change which affects heavy rains and high tide in
9152-558: The region in the late 13th century and established his capital in Mahikawati (present day Mahim ). The Pathare Prabhus , among the earliest known settlers of the city, were brought to Mahikawati from Saurashtra in Gujarat around 1298 by Bhimdev. The Delhi Sultanate annexed the islands in 1347–48 and controlled it until 1407. During this time, the islands were administered by the Muslim Governors of Gujarat , who were appointed by
9256-409: The resolution of their respective cases in civil and criminal courts. This institution has been in the news recently when 17 inmates escaped from the shelter. In the subsequent investigation by both government and media agencies, the administration of the shelter has been thoroughly criticised. A report by a Mumbai High Court-appointed committee calls it "a living hell". This Mumbai location article
9360-664: 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. Estimates of the 2016 economy of the Mumbai Metropolitan Region have ranged from $ 368 billion to $ 400 billion ( PPP metro GDP ) ranking it either the most or second-most productive metro area of India. Many of India's numerous conglomerates (including Larsen & Toubro , State Bank of India (SBI), Life Insurance Corporation of India (LIC), Tata Group , Godrej and Reliance ), and five of
9464-543: The rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major Sink OFC for South Asia, especially India, and Africa, and the 9th largest global Sink OFC). The private nationwide financial system in China was first developed by the Shanxi merchants , with the creation of so-called "draft banks". The first draft bank Rishengchang
9568-490: The sea. According to the World Bank , unplanned drainage system and informal settlement is a key factor of frequent floods in Mumbai. Among other causes of flooding in Mumbai is its geographic location , Mumbai urban is peninsular in form, (a land-filled area that connects seven islands) a low laying area, compared to its suburbs that sit on an elevated location. Over the past few decades, new informal settlements were formed in
9672-740: The second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the European Union , although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange , the Bank of England ,
9776-663: The second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District , has been described as a leading financial centre. Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism , numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be
9880-471: The seven islands from the Arabian Sea . Along with the construction of major roads and railways , the reclamation project, completed in 1845, transformed Mumbai into a major seaport on the Arabian Sea . Mumbai in the 19th century was characterised by economic and educational development. During the early 20th century it became a strong base for the Indian independence movement . Upon India's independence in 1947
9984-572: The suburbs, causing a rapid increase in population, improper waste management, and drainage congestion. The rainwater from these areas heavily flows towards low-lying urban areas consisting of some slums and high-rise buildings. As a result, slums are either swamped , washed away, or collapse causing heavy casualties, and post-flood water logging lasts for a long time that causing blockage of railway lines-(most frequently used public transport in Mumbai), traffic snarl, inundated roads, and sub-merged bylanes. Over
10088-632: The textile industry was adversely affected. While the city was the capital of the Bombay Presidency , the Indian independence movement fostered the Quit India Movement in 1942 and the Royal Indian Navy mutiny in 1946. After India's independence in 1947, the territory of the Bombay Presidency retained by India was restructured into Bombay State . The area of Bombay State increased, after several erstwhile princely states that joined
10192-504: The vicinity. The area is classified as a Seismic Zone III region , which means an earthquake of up to magnitude 6.5 on the Richter magnitude scale may be expected. Mumbai has an extreme tropical wet and dry climate ( Aw ) under the Köppen climate classification , although the central and northern suburbs have a tropical monsoon climate ( Am ) with even heavier wet season rainfall. Mumbai has
10296-528: The widespread 1982 Great Bombay Textile Strike , in which nearly 250,000 workers in more than 50 textile mills went on strike. Mumbai's defunct cotton mills have since become the focus of intense redevelopment . Industrial development began in Mumbai when its economy started focusing on the petrochemical, electronic, and automotive sectors. In 1954 Hindustan Petroleum commissioned Mumbai Refinery at Trombay and BPCL Refinery . The Jawaharlal Nehru Port , which handles 55–60% of India's containerised cargo,
10400-475: The world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets , foreign exchange markets , money markets , issuance of international debt securities , international insurance , trading in gold, silver and base metals through the London bullion market and London Metal Exchange , and international bank lending . London has
10504-466: Was 3,452 mm (136 in) for 1954. The highest rainfall recorded in a single day was 944 mm (37 in) on 26 July 2005 . The average total annual rainfall is 2,213.4 mm (87 in) for the Island City, and 2,502.3 mm (99 in) for the suburbs. The average annual temperature is 27 °C (81 °F), and the average annual precipitation is 2,213 mm (87 in). In
10608-614: Was commissioned on 26 May 1989 across the creek at Nhava Sheva with a view to de-congest Mumbai Harbour and to serve as a hub port for the city. The geographical limits of Greater Mumbai were coextensive with municipal limits of Greater Mumbai. On 1 October 1990, the Greater Mumbai district was bifurcated to form two revenue districts namely, Mumbai City and Mumbai Suburban , though they continued to be administered by same Municipal Administration. The years from 1990 to 2010 saw an increase in violence and terrorism activities. Following
10712-576: Was created in 1823 in Pingyao . Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to Shanghai , mainly due to its geographical location at the estuary of the Yangtze River and to
10816-464: Was part of a larger movement to strengthen Marathi identity in the Maharashtra region." While Mumbai is still referred to as Bombay by some of its residents and by some Indians from other regions, mention of the city by a name other than Mumbai has been controversial. A resident of Mumbai is called Mumbaikar ( pronounced [ˈmumbəikəɾ] ) in Marathi , in which the suffix -kar means
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