Effect of Globalization on Mumbai

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  • Topic: Mumbai, Maharashtra, Navi Mumbai
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  • Published : October 9, 2010
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The effect of Globalization on Mumbai

Chaitik Doshi
F09074
Contents

Introduction2
Mumbai – A Cultural Diversity3
A Brief History4
A Glocalised World5
Mumbai Urban Infrastructure Project6
Navi Mumbai International Airport11
Mumbai – A Global Financial Hub13
A Dangerous City to Live In14
Mumbai 2020: A Vision17
References18

Introduction

Globalization has been an integral part of India’s progress. It has opened up new avenues for growth. One of the biggest impacts of globalization has been to IT (Information Technology) and BPO (Business Process Outsourcing) sector. These two sectors have progressed at never before pace. Key reasons for this is easy and cheap availibilty of skilled workforce with English speaking and technical expertise. Big enterprises have found it economically feasible to set up operations in India due to technologies like VOIP, internet, email etc. As a new Indian middle class has developed around the wealth that the IT and BPO industries have brought to the country, a new consumer base has developed. International companies are also expanding their operations in India to service this massive growth opportunity. Notable examples of international companies that have done well in India in the recent years include Pepsi, Coca-Cola, McDonald’s, and Kentucky Fried Chicken, whose products have been well accepted by Indians at large. Globalization in India has been advantageous for companies that have ventured in the Indian market. Population has worked to their advantage. By simply increasing their base of operations, expanding their workforce with minimal investments, and providing services to a broad range of consumers, large companies entering the Indian market have opened up many profitable opportunities. Indian companies are rapidly gaining confidence and are themselves now major players in globalization through international expansion. From steel to Bollywood, from cars to IT, Indian companies are setting themselves up as powerhouses of tomorrow’s global economy.

Mumbai – A Cultural diversity

The name "Mumbai" is an eponym, etymologically derived from Mumba or Maha-Amba – the name of the Hindu goddess Mumbadevi – and Aai, "mother" in Marathi. The former name Bombay had its origins in the 16th century when the Portuguese arrived in the area and called it by various names, which finally took the written form Bombaim, still common in current Portuguese use. After the British gained possession in the 17th century, it was anglicised to Bombay, although it was known as Mumbai or Mambai to Marathi and Gujarati-speakers, and as Bambai in Hindi, Urdu. The name was officially changed to its Marathi pronunciation of Mumbai in 1995. Mumbai formerly Bombay, is the capital of the Indian state of Maharashtra and the financial capital of India. With an estimated population of thirteen million, it is the second most populous city in the world. Along with the neighbouring suburbs of Navi Mumbai and Thane, it forms, at nineteen million, the world's fifth most populous metropolitan area. Mumbai lies on the west coast of India and has a deep natural harbour. Mumbai's port handles over half of India's maritime cargo. Mumbai is the commercial and entertainment center of India, generating 5% of India's GDP and accounting for 25% of industrial output, 40% of maritime trade, and 70% of capital transactions to India's economy. Mumbai is one of the world's top ten centres of commerce by global financial flow, home to such important financial institutions as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India and the corporate headquarters of many Indian companies and numerous multinational corporations. The city also houses India's Hindi film and television industry, known as Bollywood. Mumbai's business opportunities, as well as its high standard of living, attract migrants from all over India and, in turn, make the city a potpourri of...
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