Tuesday, December 15, 2009
The seven islands that came to constitute Bombay were home to communities of fishing colonies. For centuries, the islands came under the control of successive kingdoms and indigenous empires before being ceded to Portuguese settlers and subsequently to the British East India Company. During the mid-18th century, Bombay emerged as a significant trading town. Economic and educational development characterised the city during the 19th century. It became a strong base for the Indian independence movement during the early 20th century and was the epicentre of the Rowlatt Satyagraha and the Royal Indian Navy Mutiny. When India became independent in 1947, the city was incorporated into Bombay State. In 1960, following the Samyukta Maharashtra movement, a new state of Maharashtra was created with Bombay as the capital. It was renamed Mumbai in 1996
Mumbai is the commercial and entertainment centre 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 home to important financial institutions such 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 potential to offer a higher standard of living, attract migrants from all over India and, in turn, make the city a potpourri of many communities and cultures.