Financial Hub of India

City of Mumbai...erstwhile Bombay...derived from a portuguese name meaning "Good Bay"..has been devasted by the deluge, that poured over some 944 mm of water in about 21 hours; interestingly the megalopolis of India got the record of maximum amount of rainfall in the shortest span of time..overtaking the wettest village of Manipur, Cherrapunji.Now coming straight to the issue, Mumbai is what??..A city of around 15 million people, rightly regarded as the financial or commercial capital of India with its business accounting for India's half of the corporate tax collection.

Somedays back a poll was created in ET: which Indian city should be the commercial capital of India:
a) Mumbai

b) Bangalore

c) New Delhi

Now, this question seems significant as we have seen the great megalopolis of Mumbai, can be severely affected by the nature. The deluge that poured over Mumbai in the last week of July seemed to have brought this city to a standstill.

>>Somewhat around 1000 people got killed.
>>Around 1000 flights got cancelled
>>1.5 million people got stranded in the Mumbai's local trains.
>>Roads that use to carry the ambitions of the "never-say-die" Mumbaikars soon got flooded to the extent that the mumbaikars who are used to survive outdoors came out with ferries and boats.
>>Trains to the financial hub of India got invalidated.
>>Mumbai got cut-off from rest of the world.

Mumbai has the reputation of the city where Indian corporate world delivers things. Corporate Tax of Mumbai account for more than 50% of the total corporate tax collection in India. Again, Mumbai leads from the front in regards to the collection of commercial tax, IT and revenue income of the government.

Having stated those accomplishments of this city, let me come to the point of resource management. Some estimates suggest that a bit more than 5% of the total tax collection from Mumbai is actually spent in the infrastructural development of city itself.

India has conceived the ambition of having one of its cities as a regional financial hub, somewhere in the proximity of cities like Shanghai, London, Manhattan. If a city in India can carry forward that ambition , it is none other than Mumbai.In such a case, how much feasible does it stand to spend about 5% of total tax revenue of Mumbai in Mumbai itself??

"DATA DELUGE"
150 CEOs surveyed
80% Timely warning could have prevented losses
90% There are glaring gaps in infrastructure in big cities
81% Negligible part of taxes is invested in development
90% What happened to Mumbai could happen anywhere next
80% Amchi Mumbai is still the best!

These are the results of a survey conducted among some 150 CEOs of Corporate India about issues regarding weather warning, infrastructure of Mumbai, shifting the commercial capital tag to some other city.