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News Mumbai Is No Longer The Financial Capital Of India. But Which City...

Mumbai Is No Longer The Financial Capital Of India. But Which City Replaced It ?

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According to data released by Oxford Economics, Delhi has replaced Mumbai as the economic capital of India. The report states that Mumbai, which ranked 31st among 50 top metropolitan economic entities in 2015, lost its position to Delhi, which has now climbed up to claim the 30th rank.

According to Times Of India, when both the regions were compared, Mumbai’s 2015 GDP amounted to US $368 billion (in terms of purchasing power parity, PPP) while that of Delhi was $370 billion.

The comparison was taken between Mumbai’s extended urban agglomeration (EUA) that consisted Mumbai, Thane, Vasai-Virar, Bhiwandi, Panvel and Navi Mumbai. On the other hand, the data for Delhi comprised the Delhi NCR region, Noida, Faridabad and Ghaziabad.

Mumbai Is No Longer The Financial Capital Of India

Oxford Economics is one of the world’s foremost independent global advisory firms, providing reports, forecasts and analytical tools on 200 countries, 100 industrial sectors and over 3,000 cities.

Mumbai EUA, with a lower population, scores over Delhi EUA in per capita terms. A TOI analysis of Oxford Economics figures puts Mumbai’s per capita GDP at PPP at $16,881, while the same for Delhi is $15,745.

Prof Bino Paul, Tata Institute of Social Sciences (TISS), said post-liberalisation, Delhi National Capital Region (NCR) seems to have outpaced Mumbai metropolitan in physical infrastructure and social infrastructure.

“Perhaps, what makes Delhi NCR more buoyant and inspirational than Mumbai may be attributed to massive spatial consolidation and contentedness that have emanated from synchronisation between state and business, in particular in locating industry decisions,” he said.

Sangita Kamdar, a professor in economics, confirmed that Delhi had overtaken Mumbai. “Business is attracted more towards Delhi as they prefer to be closer to the national government for clearances. But more important is the availability of infrastructural facilities which affect the cost of doing business,” she said.

delhi replaces mumbai as the financial capital of india

Mumbai’s high-cost economy is not favourable to business. The high cost of land and skilled labour does not provide the right incentives to attract investment—domestic and foreign,” she said.

Significantly, Maharashtra Chief Minister Devendra Fadnavis said that he would like to challenge the figures as he doesn’t believe that Mumbai has lost it to Delhi. He claimed that as per the data compiled by the Reserve Bank of India and the Economic Survey of India, Maharashtra leads Delhi in terms of financial status. He added that his government was working towards policies that would welcome business opportunities and would attract investment in the state.

The study by Oxford Economics also predicts that both Delhi and Mumbai will further move up the list, while Mumbai is expected to grab the 14th spot, Delhi might crawl to the 11th rank.

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