Mumbai is the commercial, entertainment and financial capital of India. It generates 6.16% of the country’s GDP and amounts to 25% of the industrial output. The city houses many multi-national corporations, Indian companies and other financial institutions. Mumbai is also home to Marathi cinema and Hindi Cinema( Bollywood ). Mumbai is the financial and commercial capital of India, is considered as the economic hub of India and contributes heavily in the Indian economy through the below-mentioned facts:
Mumbai contributes 10% of the factory employment
Mumbai contributes 33% of income tax collections
Mumbai contributes 60% of custom duty collections
Mumbai contributes 20% of excise tax collections
Mumbai contributes 40% of Indian foreign trade
Mumbai contributes $40 billion in corporate taxes
Mumbai contributes 25% of the industrial output
The recent estimates show that Mumbai is the first or second most productive metro area with its economy ranging between $151 to $368 billion in terms of Purchasing Power Parity Gross Domestic Product( PPP GDP ). It also houses some of the top conglomerates of India like the TATA Group, Reliance Group, Godrej, SBI, Life Insurance Corporation( LIC ) and Larson and Toubro( L&T ) to name a few. The city also houses the Bombay Stock Exchange( BSE ) which is the oldest stock exchange in Asia. Mumbai under the “ Alpha world city”, was ranked third by the Globalisation and World Cities Study Group( GaWC ). Mumbai ranks third in the most expensive office market and is among the fastest cities for business start-ups. This upsurge of the region has given rise to some of the amazing commercial structures and now many coworking spaces in Mumbai can be seen even operating from the residential establishments. Some of the top coworking companies in Mumbai are Wework, Regus, Smartworks, AWFIS, 91springboard, Cowrks to name a few.
Mumbai is famous for its culture with a blend of food, music, theatres and traditional festivals. At the very same time, it also offers a cosmopolitan lifestyle with a great nightlife. The city is so famous for its nightlife that it is often said that “ the city never sleeps”.
Some of the reason that makes Mumbai as the most preferred location for businesses and start-ups are mentioned below:
LOCATION: The Mumbai city is well connected to other parts of the country through rail, road and air transport. Let’s just say when the clients come to know that one has the office space in BKC, then it says about the reputation of the business. They can imagine that the building must be a world-class, the company must be having a posh office with lounges. So, having an office at a coworking space in Mumbai is one of the best locations for the businesses. Also, Mumbai being the financial and commercial capital of India gives so much of opportunities to the business to grow. Today where networking has become one of the most important aspects to run the business, choosing Mumbai as the location is a worth created opportunity for the business.
Also, now people don’t want to waste hours to have a meeting and employees don’t want to join companies which have their offices in a remote location. With a great connectivity through rail and road transport, Mumbai and its different regions are a great option.
PRESTIGIOUS BUSINESS ADDRESS: Every business wants to have an office at a premium location. Every business wants to be surrounded by the multi-national corporation as their neighbours. Having a prestigious business address on the business card and the website is a matter of pride. Housing some of the top swanky coworking space, Mumbai is for sure a prestigious business address.
Being surrounded with the like of Reliance, L&T, Tata and other multi-national giants, choosing a coworking space in Mumbai will allow the business to have a reputed office address. Some of the prominent business areas of Mumbai are, BKC, Andheri East, Bandra East, Powai, Thane West, Worli, Nariman Point, Cuffe Parade, Parel to name a few.
SAFETY: Every business wants to have a safe and sound work environment where they don’t have to worry about their office space and the well being of their employees. And choosing a coworking space in Mumbai will allow the businesses and the individuals to work hassle-free as there is round the clock security through CCTV cameras, dedicated security teams and tech-enabled security systems for the building and the office premises.
For example, Boomerang building has a dedicated team of security personals who provide security at the reception and inside each of the lifts. The building also has a fire safety system and each company occupying the space has locked premises and the entry/exit can be done only through security system deployed.
Being a part of Mumbai and choosing a coworking space in Mumbai is the best step forward for the business.