I want support to this statement.
Reasons behind why mumbai is not a financial hub.
2006-12-26 01:58:57 · 5 answers · asked by Suhani 1 in Business & Finance ➔ Other - Business & Finance
Why do u want to support this statement?
You must think rationally and for yourself, not to please others...unless it's for a bet and you stand to lose out on too much money....
However, if you find no reason not to believe that Mumbai is a financial hub , you should believe that it is....it's as simple as that...
Mumbai i'd say IS a financial hub ...though many cities are emerging to be main business centres, mumbai is still internationally heard of. It is basically a centre of production, consumption, and distribution as well as the nucleus of social infrastructure, transport, and communications.
Things to note:
1. Mumbai is the centre of India's film Industry (bollywood)
2. It is highly developed in terms of infrastructure and commerce,
Mumbai is the largest port on the Western Coast of India.
3, Mumbai accounts for close to 43 % of the total national corporate tax collections, according to a the Revenue Department. (fiscal contribution)
4. Mumbai accounts for 25% of India's GDP (contribution in terms of production)
5. It provides employment to roughly 10% of the all-India factory sector employment
6. The city port handles about 40% of India's merchandise foreign
trade.
7. The head offices of many of the important banks/financial institutions in India including State Bank of India, Industrial Development Bank of India, Housing Development Finance Company, ICICI, Unit Trust of India are located in Mumbai. In addition Reserve Bank of India, the nation's central bank has its head quarters in Mumbai.
8. The service sector, banking and Insurance are predominant. However, the IT and BPO sector and ITES (IT Enabled Sector/services) have developed in Mumbai too.
According to the National Council of Applied Economic Research. mumbai's position of being India's financial capital has been strengthened since the 1990 economic reforms.
So, i'd reiterate that it's your choice what you believe - but if you need proof, it means that you don't believe and are only trying to prove a point which is not the right way to go about things....
2006-12-29 03:02:26 · answer #1 · answered by honey007rmsas 4 · 0⤊ 0⤋
Mumbai is a financial hub- the same way New York and London are. Mumbai has a branch office/headquarter of most of the international/national banks.
I don't think you would need more examples to clarify that Mumbai is a financial hub.
2006-12-28 05:19:35 · answer #2 · answered by RM 1 · 0⤊ 0⤋
Hello,
I am agree with this staement.bez mumbai is city of Film & businessman home,enjoing city.
in financial hub they requred some IT Companies , some Management Companies, Some World Know Educational Institute etc.
That why MUMBAI is not a financial hub
Thanking You
2006-12-26 04:04:10 · answer #3 · answered by PATEL'S 2 · 0⤊ 0⤋
The statement is flawed, or atleast mis conceived.
Mumbai may not be in the top 10 financial centres of the world - or even Asia yet, but The financial hub for India.
2006-12-28 16:25:45 · answer #4 · answered by Chemburite 1 · 0⤊ 0⤋
With the tremendous development in technology there is no need for concentration in a geographical centre like mumbai. Any one can operate in the financial market anywhere in the world sitting cozily in his own. Therfore the concept of concentration in a particular town or city is irrelevant nowadays.
2006-12-27 02:10:36 · answer #5 · answered by KNOWALL 2 · 0⤊ 0⤋