Mumbai: economy
Mumbai: economy
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In Mum, more billionaires than Paris, LA
Kounteya Sinha TNN 2013/05/10
London: Mumbai is among the world’s top 10 cities with the highest number of billionaires, according to a study released on Thursday by premier research agency WealthInsight.
There are more billionaires in India’s financial capital than in Shanghai, Paris or Los Angeles. Ranked sixth, Mumbai is home to 26 billionaires. With 70 billionaires, New York tops the list, followed by Moscow (64), London (54), Hong Kong (40) and Beijing (29).
The list also includes Istanbul, ranked seventh with 24 billionaires, Shanghai (23), Paris (22) and Los Angeles (19).
In another list of top 20 cities with most millionaires, no Indian city made the cut. The list is led by Tokyo with 4.6 lakh millionaires. India, however, stood 11th with respect to overall number of millionaires. US boasts the most with 5,231 in 2012.
China and India have been designated as the countries to look out for by 2020, with China tipped to beat Japan and Germany to become the world’s second largest wealth market.
2014: 1/3 of business run from home
The Times of India, Aug 17 2015
Chittaranjan Tembhekar
33% of Mumbai biz units run from home
1.3 lakh don't have fixed offices: Study
About a third of business establishments, around 2.4 lakh of the 7.4 lakh, in India's financial capital do not have a fixed office or business space, or a fixed structure, and many are run from homes, reveal provisional statistics from the sixth state economic census.The census, carried out in 2014 was published recently with a preliminary analysis. Experts cite a lack of space at affordable rates as a key reason for a large number of businesses to either work from a make-shift struc ture outside the household or from residential places itself.While 1.11 lakh businesses are being run from non-fixed structures, 1.30 lakh have places of living and work combined. “Keeping a shop next to a place of residence or living inside the shop area increases the affordability of the business as well as living. Such an arrangement also saves on costly commute,“ said an expert closely associated with the census.
Even in the distant suburbs including Thane and Navi Mumbai, where builtup area is on the rise, high realty rates make it tough for a large proportion of businessmen to take offices or busi ness spaces on rent. The census has covered vendors who do not have fixed structures and also shopkeepers who most of the time stay and market products from the same space.
The census also showed that among the state's urban woman workforce, the proportion of those hired permanently is double that of those working as temps . To compare, hired male employees are only about two-thirds more than non-hired employees.
Those closely associated to the survey said women workers tend to be more and have a greater credibility quotient, inducing businesses to hire more women than take them on as temps. “In addition, their ability to better cope up with work conditions and the fact that they are less likely to bargain for pay also favour their instant hiring,“ they said.
Interestingly , proportion ately lower percentage of women work in Mumbai than in other cities in the state. Experts attribute it to the proximity of work places to women employees' residenc es as against in Mumbai region where the distance and commute were major hur dles. Mumbai also lags be hind Nashik, Pune, Jalgaon Osmanabad and Amravati in terms of growth in employ ment opportunities. These ci ties showed a better decadal growth in job opportunities over Mumbai metro region.
“Though these cities can not be compared in terms of investments and bigger jobs in Mumbai, a little shift in job opportunities to second rung cities and their aspirations to expand are indicative,“ said an expert who did not wish to be named.
