Property In Mumbai » Business & Economy

Mumbai, which has been the economic and commercial heart of India for centuries, has a wide array of industries and financial institutions which together regulate the country’s economy to a large extent. The Mumbai city alone contributes about10% of factory employment, 60% of customs duty collections, 20% of central excise tax collections, 33% of income tax collections, 40% of India's foreign trade, and over Rs 40,000 crore (US $9 billion) in the corporate taxes. Mumbai has traditionally owed its prosperity largely to its textile mills and its seaport, up until the 1980s. This has now been replaced by industries needing more skilled labour such as engineering, diamond polishing, healthcare and information technology. Some other important industries within the city of Mumbai are: Pharmaceuticals, construction, metals, bikes, silks, glassware, printing, and plastics. It has a giant petroleum industry. Almost all of India's petroleum is marketed from Mumbai. Mumbai has a distinguished position in the economic map of the world due to its fast industrialization and ample opportunities for diverse employment.