Mumbai, also known as the financial capital of India, is one of the most progressive and advanced cities around the world. This city is known to provide wings to your dreams, regardless of the nature of your business.
The vibrant and open environment of Mumbai offers strategic opportunities for business growth to Canadians. But what makes Mumbai an ideal choice for doing business? In this blog we will explore the critical reasons behind this trend.
India’s Enormous Growth Potential
The prosperous growth prospects of Mumbai are directly associated with the robust economic progress of India. The growth is driven by the rising rural consumption, rampant growth of the services sector, high-value manufacturing exports, and controlled fiscal deficit, among other factors.
India is expected to attain a healthy growth of 6.5 to 6.8% in the fiscal year 2024 to 2025. Moreover, the young workforce of Mumbai, coupled with government-led reforms such as Make in India, is likely to provide business opportunities to the Canadians.
Growing Middle Class Wealth
The significant increase in the disposable incomes among middle class population of Mumbai is fuelling the city’s economic landscape. This in turn is expanding the consumption sector, creating business opportunities for Canadians. Also, sectors such as automotive, healthcare, IT and BFSI have registered a steady growth which is creating more jobs for the middle income groups.
Growing influx of NRIs in Mumbai
SBNRI (Simplifying Banking for Non-Resident Indians) carried out a survey of sample size 500 NRIs, out of which 23% preferred Mumbai as their top destination for business and investment. Another report by SBNRI projected that 12% Canadian NRIs are enticed to investing in Mumbai owing to the high return on investment. This trend shows the high growth prospects of Mumbai.
Rapid Infrastructural Development
Mumbai is one of the well-developed cities in India. Improving roads, efficient transportation network, improving condition of slums and rising demand for residential accommodations are some of the factors contributing to the real estate growth. This makes this sector investment worthy for Canadians.
Meanwhile, the diversion of investments by the Government of India towards infrastructure projects is further attracting tourists and migrant workers. In 2024, the Indian Government decided to allocate 16,602.79 crores towards eight infrastructure projects in Mumbai which included the construction of Eastern freeway from Ghatkopar to Thane.
Mumbai’s Transforming Digital Landscape
Mumbai’s digital landscape has undergone transformations which has fuelled the growth of several medium to large businesses. Penetration of technologies such as artificial intelligence (AI), machine learning and digital governance has revolutionized the supply demand chain, attracting significant investments in public and private sectors.
Furthermore, this digital revolution has offered dynamic opportunities to various start-ups in domains such as pharmaceutical, investment management, quick commerce, and energy, among others.
Well-Established Media and Entertainment Industry in Mumbai
Film and television sector remains a cornerstone of Mumbai’s economic growth. Canadians can find business and investment opportunities in film production and distribution, advertising, influencer marketing, gaming, and OOT platforms, among other entertainment sources. The global output of Bollywood is monumental, impacting the overall business landscape of Mumbai.
Increasing Opportunities in the Real Estate Sector
Real estate is a dynamic, yet promising sector in India which is influenced by several factors. These factors include the rising population, increasing purchasing power of the middle-income groups, financial hub status of Mumbai, and robust corporate growth among others.
Government is also supporting real estate projects by providing affordable housing initiatives which is helping the lower income groups improve their standards of living.
Conclusion
The deep and strong economic prospects of India are indirectly providing impetus to the Mumbai’s development, attracting workforce from Canada. Meanwhile, the rampant growth of sectors such as real estate, healthcare, IT, and media & entertainment, among others, are expected to provide business and investment opportunities to Canadian nationals.
With the rising affluence of India’s middle class, Mumbai is set to witness a greater influx of Canadian entrepreneurs and professionals seeking to capitalize on its dynamic market in the coming years. For Canadian nationals, it is safe to travel to Mumbai to improve their professional gains.
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