Mumbai is India’s entertainment, fashion, and business capital. Mumbai has India’s largest economy. Mumbai’s nominal GDP is US$240 billion, and its GDP (PPP) is US$606.625 billion, bringing its GDP (PPP) per capita to roughly US$23,000 dollars. With a net worth of roughly US$1 trillion and 46,000 millionaires and 48 billionaires, it is the richest Indian metropolis and the world’s 12th richest city. Mumbai contributes 10% of factory employment, 30% of income tax collections, 45 percent of Entertainment Tax, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade, 100% of stock market assets, and rupees 80,000 crore (US$20 billion) in corporate taxes to India’s economy.
Mumbai is home to a number of Indian financial institutions, including the Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, and Mint, as well as a number of Indian corporations, including the Tata Group, Essel Group, and Reliance Industries. The majority of these offices are in downtown South Mumbai, the Indian economy’s nerve center. Dalal Street is the address of the Bombay Stock Exchange and other financial institutions in Mumbai. Many international companies have branches in the South Bombay area. Mukesh Ambani and Gautam Adani, two of India’s wealthiest persons, call Mumbai home.
Mumbai is the world’s 17th most populous city in terms of GDP. In 2009, Mumbai was named one of India’s quickest cities for business startup. The nominal GDP per capita in Mumbai is roughly US$11,890.
What is Dubai’s Gross Domestic Product (GDP)?
Dubai’s economy has a gross domestic output of US$102.67 billion as of 2018. The construction boom was curtailed by the Great Recession.
It’s been described as “centrally-planned free-market capitalism” by the International Herald Tribune. Oil production, which once contributed for half of Dubai’s gross domestic product, now accounts for less than 1%. Wholesale and retail commerce accounted for 26% of total GDP in 2018, while transportation and logistics accounted for 12%, banking, insurance activities, and capital markets accounted for 10%, manufacturing accounted for 9%, real estate 7%, construction 6%, and tourism 5%.
For Western manufacturers, Dubai has become an important port of call. The port region was home to the majority of the new city’s banking and financial centers. Throughout the 1970s and 1980s, Dubai remained a vital trading route. Dubai has unrestricted gold commerce and was the center of a “brisk smuggling trade” of gold ingots to India, where gold imports were prohibited, until the 1990s.
Dubai’s economy is now centered on tourism, with hotels being built and real estate being developed. Port Jebel Ali, built in the 1970s, boasts the world’s largest man-made harbor, but it’s also becoming a centre for service industries like IT and banking, thanks to the new Dubai International Financial Centre (DIFC). Emirates Airline, situated at Dubai International Airport, was formed by the government in 1985 and is still state-owned; in 2015, it carried over 49.7 million passengers.
Dubai is the #1 business gateway for the Middle East and Africa, according to Healy Consultants. In order to develop Dubai property, the government has established industry-specific free zones throughout the city. Dubai Internet City, which is now part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority), is one of these enclaves, with members including EMC Corporation, Oracle Corporation, Microsoft, Sage Software, and IBM, as well as media companies like MBC, CNN, Reuters, and the Associated Press. Dubai Knowledge Village (KV), an education and training hub, has been established to support the Free Zone’s other two clusters, Dubai Internet City and Dubai Media City, by offering facilities to train the clusters’ future knowledge workers. Companies engaged in outsourcing activities can set up offices in the Dubai Outsourcing Zone, which offers concessions from the Dubai government. In most parts of Dubai, internet access is restricted, with a proxy server screening out sites that are believed to be against the UAE’s cultural and religious values.
What accounts for Mumbai’s high GDP?
In terms of global financial flows, Mumbai is one of the top ten trading centers in the world, accounting for about 6.16 percent of Indian GDP and 25 percent of industrial production, 70 percent of Indian marine commerce, and 70 percent of capital transactions.
Mumbai is home to a number of significant Indian corporations. Mumbai is home to India’s three largest private companies: Tata Group, Reliance Industries, and Aditya Birla Group. The following is a list of some of the most well-known businesses:
What is Delhi’s Gross Domestic Product (GDP)?
DELHI, NEW DELHI: Since 2016-17, Delhi’s GDP has increased by 50%, demonstrating that the city’s economy is in good shape, said Lieutenant Governor Anil Baijal on Wednesday. The LG stated in his address to the Delhi Assembly that Covid would have a negative impact on Delhi’s economy in 2020-21.
“In current values, Delhi’s GDP in 2021-22 was Rs 9,23,967 crore, up 50% from Rs 6,16,085 crore in 2016-17,” according to the report. “This demonstrates Delhi’s economic strength,” he remarked in his speech. According to him, Delhi’s per capita income in 2021-22 was Rs 14,01,922, which was three times greater than the national average.
In 2021, what would India’s GDP be?
In its second advance estimates of national accounts released on Monday, the National Statistical Office (NSO) forecasted the country’s growth for 2021-22 at 8.9%, slightly lower than the 9.2% estimated in its first advance estimates released in January.
Furthermore, the National Statistics Office (NSO) reduced its estimates of GDP contraction for the coronavirus pandemic-affected last fiscal year (2020-21) to 6.6 percent. The previous projection was for a 7.3% decrease.
In April-June 2020, the Indian economy contracted 23.8 percent, and in July-September 2020, it contracted 6.6 percent.
“While an adverse base was expected to flatten growth in Q3 FY2022, the NSO’s initial estimates are far below our expectations (6.2 percent for GDP), with a marginal increase in manufacturing and a contraction in construction that is surprising given the heavy rains in the southern states,” said Aditi Nayar, Chief Economist at ICRA.
“GDP at constant (2011-12) prices is estimated at Rs 38.22 trillion in Q3 of 2021-22, up from Rs 36.26 trillion in Q3 of 2020-21, indicating an increase of 5.4 percent,” according to an official release.
According to the announcement, real GDP (GDP) or Gross Domestic Product (GDP) at constant (2011-12) prices is expected to reach Rs 147.72 trillion in 2021-22, up from Rs 135.58 trillion in the first updated estimate announced on January 31, 2022.
GDP growth is expected to be 8.9% in 2021-22, compared to a decline of 6.6 percent in 2020-21.
In terms of value, GDP in October-December 2021-22 was Rs 38,22,159 crore, up from Rs 36,22,220 crore in the same period of 2020-21.
According to NSO data, the manufacturing sector’s Gross Value Added (GVA) growth remained nearly steady at 0.2 percent in the third quarter of 2021-22, compared to 8.4 percent a year ago.
GVA growth in the farm sector was weak in the third quarter, at 2.6 percent, compared to 4.1 percent a year before.
GVA in the construction sector decreased by 2.8%, compared to 6.6% rise a year ago.
The electricity, gas, water supply, and other utility services segment grew by 3.7 percent in the third quarter of current fiscal year, compared to 1.5 percent growth the previous year.
Similarly, trade, hotel, transportation, communication, and broadcasting services expanded by 6.1 percent, compared to a decline of 10.1 percent a year ago.
In Q3 FY22, financial, real estate, and professional services growth was 4.6 percent, compared to 10.3 percent in Q3 FY21.
During the quarter under examination, public administration, defense, and other services expanded by 16.8%, compared to a decrease of 2.9 percent a year earlier.
Meanwhile, China’s economy grew by 4% between October and December of 2021.
“India’s GDP growth for Q3FY22 was a touch lower than our forecast of 5.7 percent, as the manufacturing sector grew slowly and the construction industry experienced unanticipated de-growth.” We have, however, decisively emerged from the pandemic recession, with all sectors of the economy showing signs of recovery.
“Going ahead, unlock trade will help growth in Q4FY22, as most governments have eliminated pandemic-related limitations, but weak rural demand and geopolitical shock from the Russia-Ukraine conflict may impair global growth and supply chains.” The impending pass-through of higher oil and gas costs could affect domestic demand mood, according to Elara Capital economist Garima Kapoor.
“Strong growth in the services sector and a pick-up in private final consumption expenditure drove India’s real GDP growth to 5.4 percent in Q3.” While agriculture’s growth slowed in Q3, the construction sector’s growth became negative.
“On the plus side, actual expenditure levels in both the private and public sectors are greater than they were before the pandemic.
“Given the encouraging trends in government revenues and spending until January 2022, as well as the upward revision in the nominal GDP growth rate for FY22, the fiscal deficit to GDP ratio for FY22 may come out better than what the (federal) budget projected,” said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.
“The growth number is pretty disappointing,” Sujan Hajra, chief economist of Mumbai-based Anand Rathi Securities, said, citing weaker rural consumer demand and investments as reasons.
After crude prices soared beyond $100 a barrel, India, which imports virtually all of its oil, might face a wider trade imbalance, a weaker rupee, and greater inflation, with a knock to GDP considered as the main concern.
“We believe the fiscal and monetary policy accommodation will remain, given the geopolitical volatility and crude oil prices,” Hajra added.
According to Nomura, a 10% increase in oil prices would shave 0.2 percentage points off India’s GDP growth while adding 0.3 to 0.4 percentage points to retail inflation.
Widening sanctions against Russia are likely to have a ripple impact on India, according to Sakshi Gupta, senior economist at HDFC Bank.
“We see a 20-30 basis point downside risk to our base predictions,” she said. For the time being, HDFC expects the GDP to rise 8.2% in the coming fiscal year.
Is India more prosperous than China?
In nominal terms, China is over 4.61 times richer than India in 2019, and 2.30 times richer in PPP terms. China and India are ranked 72nd and 145th in nominal terms, respectively. China and India are ranked 75th and 126th in PPP per capita, respectively.
What is the complete form of GDP?
The total monetary or market worth of all finished goods and services produced inside a country’s borders in a certain time period is known as GDP. It serves as a comprehensive scorecard of a country’s economic health because it is a wide measure of entire domestic production.