Mumbai has emerged as the economic nerve centre of the country and thus known as ‘The Financial Capital of India’. Prior to liberalization Mumbai’s economy was largely driven by the textile industry. However post liberalization, there has been a transition in the industrial profile of the city, from being a manufacturing based industrial city to a destination for various Banking, Financial Services, Insurance and Information Technology (IT) companies.
India’s financial regulatory bodies like the Securities Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) are also located in the city along with leading stock exchanges National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and commodity exchanges like Multi Commodity Exchange (MCX). Mumbai is also the centre of the Hindi television world and Bollywood film industry, one of the largest film industries in the world.
The city is well equipped with business hotels and convention centres to cater to business tourists. The US and UK lead business arrivals in Mumbai. Leisure arrivals to Mumbai are driven by the tourist attractions available in the Mumbai and Aurangabad circle. These range from heritage sites, including the Ellora caves, to religious sites, such as Shirdi. Mumbai is also popular for shopping, with a number of shopping malls in the city, where much major fashion, electronics and other brands are found. South Mumbai, including Colaba, is well known for street shopping and therefore attracts leisure tourists.
Business and MICE arrivals
Commercial real estate development has played a pivotal role in shaping Mumbai’s lodging markets. Mumbai leads all metropolitan cities in India with a total Grade A office stock of 7.9 million square meters as of December 31, 2012. The city has witnessed a Compounded Annual Growth Rate (CAGR) of 21.7% over the last five years in terms of incremental office stock. Chart 1 presents the historical and future estimated total Grade A office stock and vacancy for Mumbai.
Business arrivals to Mumbai account for about 70% of the total. These are driven in part by trade events and conferences taking place throughout the year. Mumbai is also a key business hub and home to a number of national and international companies’ regional headquarters, such as Aditya Birla Group and Reliance Industries. The city is well equipped with business hotels and convention centres to cater to business tourists. The US and UK lead business arrivals in Mumbai. To cater to such huge number of Business Travelers serviced apartment in a very good options and Lake Bloom Residency is one such company which is offering serviced apartment facilities to all such business travelers coming to Powai, Andheri East (Mumbai) .
MICE demand is typically generated from a number of large conventions organised in Mumbai, and in the form of smaller meetings and conferences held by local companies. Some of the major events to be organised in Mumbai during 2013 include ChemPetro World Expo, Pharma World Expo, Plastivision India and India Steel Event. Additionally, Mumbai’s importance as the financial capital of the country results in a large number of events, related to financial, economic affairs and trade, being organised in the city.