An Overview of Stellar Industries in Mumbai, India
Mumbai, the most famous city of India is the capital of Indian state Maharashtra. Widely popular as an entertainment and commercial center of India, Mumbai also stands amongst the world's top 10 centers of commerce in terms of financial flow. This city is also the financial center of India as it houses several renowned financial institutions such as Indian stock exchanges (Bombay Stock Exchange and National Stock Exchange), asset management companies, Indian state-owned and commercial banks, financial and monetary authorities of India (Securities and Exchange Board of India and Reserve Bank of India), etc.
Traditionally, Mumbai which is also known as the “city of dreams”, owed its good economic conditions due to its textile mills and seaport. These industries are now being replaced by other major industries in Mumbai including Entertainment Industry, Information Technology (IT) Industry, Healthcare industry and Engineering Industry.
One of the key employer in Mumbai is its entertainment industry. Sectors such as Bollywood, television, print, music, radio are growing on a rapid pace. Some of the leading advertising companies operating in India also have their head office in this wonderful city. According to a report, in the year 2010, the Indian entertainment industry grew by 11.2 percent, which was reported as one of the highest growth rates in the world. The Hindi film industry (Bollywood) along with major studios and production houses have their base in this city. According to the report of 'Economic Contribution of the Indian Motion Picture and Television Industry' by financial services firm Deloitte in the year 2013, the entertainment industry contributes over 50,000 crores to the economy of India. This sector produces over 10 Lakh jobs every year for a large number of job seekers.
Here are some of the interesting and notable facts about entertainment industry:
In the year 2013, Bollywood led the growth of Media & Entertainment industry with three most successive movies, “Chennai Express”, “Krrish 3” and “Dhoom:3”, breaking the long-standing all-time collection of the movie “3 idiots”.
As per the report launched in New Delhi at the Asia Society Conference in 2010 by Motion Picture Association of America (MPAA) chairman Dan Glickman, the film and television industry of India has achieved a staggering growth over the years and this sector is contributing towards the overall growth and vitality of the Indian economy.
In terms of the number of consumers, the film and television industry in India is one of the largest markets in the world, offering significant growth potential.
Over 250 movies are released each year in Bollywood and around 20 million people go to watch movies on daily basis
Some of the key players in entertainment industry, especially in Bollywood industry are Yashraj films (employs over 35000 people ranging from technicians to junior artists and film stars), Red chillies production (employs around 19,000 people), Eros international (employs over 14,000 people on temporary basis), UTV movies (employs nearly 9,000 people). Other production houses that produce a large number of employment opportunities include Sheemaroo, Dharma productions, Kaleidoscope, Bhandarkar production, Percept pictures, etc.
Cinema is one of the highest revenue earning sectors from tax in the entertainment industry.
Indian government receive over 37% of the total entertainment tax from Bollywood.
Information Technology (IT) Industry
Mumbai has a lot to offer to the technology graduates. Several leading IT companies such as Tata Consultancy Services, L&T Infotech, Accenture, Wipro, Infosys, CGI Group, Microsoft, NIIT Technologies, Cognizant Technology Solutions and many more companies have their branches in this city. These companies are producing thousands of IT jobs In Mumbai catering to different IT roles and profiles.
The World Economic Forum Technology Pioneers program
Recently in the month of August 2015, a Mumbai-based company Carbon Clean Solutions (CCS) was awarded as one of the World Economic Forum’s “technology pioneers”. This company was established in the year 2009 by Aniruddha Sharma and Prateek Bumb, two graduates from the Indian Institute of Technology. CCS work involves capturing CO2 from large-scale polluters for the purpose of reuse and conversion to industrial chemicals.
This program recognizes companies from all around the world that have shown their ability to support innovation and creativity to produce innovative solutions. A committee of 68 academics, venture capitalists, corporate executives and entrepreneurs select Technology Pioneers from hundreds of applicants. Some of the past recipients of this award are Google (2001), Mozilla (2007), Wikimedia (2007), Twitter (2010) Dropbox (2011) and Kickstarter (2011).
Tech Mahindra setting Automation Targets
Recently Tech Mahindra has mandated its chief delivery officer George Mundassery to incorporate all automation efforts at the company. This company has already created a set of automation targets for its business heads. Tech Mahindra has also created a strong delivery team of around 200 people. Launching of automation strategy is leading to the demand of skilled professionals who can handle automation systems in a proper manner. Various other Indian companies including Infosys are also training their employees on automation techniques.
Google is planning to open a YouTube Production Studio in Mumbai
There is a good news for India’s growing community of YouTube content creators, YouTube will partner Whistling Woods film school to set up YouTube Space in Mumbai. This production studio will host various training programs, workshops, and community events. Moreover, it will provide free access to Whistling Woods’ studios, high-quality audio, visual and editing equipment to some of India’s top YouTube content creators and their students.
Health Care industry
An increased expenditure by public as well as private players is leading to the tremendous growth of health care industry in Mumbai. A large group of government, private as well as trust run hospitals are present in this city. Furthermore, the Government of Maharashtra has one medical college hospital, 3 general hospitals and 2 health units in Mumbai. In addition, thousands of clinics, diagnostic centers, and urban health care centers are operating in Mumbai. With tremendous growth and government initiatives, the health-care sector in Mumbai has become one of the top-notch sectors all over the nation. According to the experts, the overall Indian health-care sector is expected to grow over $158.2 billion in 2017 from $ 78.6 billion in 2012.
Furthermore, the employment opportunities in this sector are also rising day by day. The growing availability of health-care facilities in India is further boosting the demand of various services such as pharmacies, diagnostics, medical equipment, and so on. Moreover, the lower cost of procedures is attracting several foreign players for performing research and clinical trials in India.
Below are some of the most interesting facts about health-care industry in India:
The Indian healthcare industry is growing rapidly due to an increased expenditure by both the public and private players
By 2010, this sector is expected to grow at a CAGR of 17%
Due to the growing economic prosperity, the availability of generic drugs in the market is becoming more affordable
As per the industry experts, the total size of health-care industry in India is expected to reach US$ 160 billion by 2017 and US$ 280 billion by the end of 2020
According to the reports of the Ministry of Health, development of around 50 technologies has been targeted in the FY16 for the treatment of various diseases including Cancer and Tuber Culosis (TB)
In the coming years, there is a significant scope for the rising healthcare services due to the increasing percentage of Indian gross domestic product (GDP)
To conclude, Mumbai is truly a city of dreams that has always maintained its position as one of the key destinations in the nation. The existing industrial players in different sectors, as well as the mushrooming startups, are creating the path to an assorted set of employment opportunities for numerous candidates from different backgrounds and educational levels.