In collaboration with Convergence, VOICE OF ASIA is proud to present timeless articles from the archives, reproduced digitally for your reading pleasure. Originally published in Convergence Volume 15 in 2012, we present this story on Mumbai, where business is entertainment and vice versa.
It may have glitz and glamour but do not be fooled by the celebrity glare – Mumbai is a city of substance. Financial clout fused with a fascinating culture and a fierce pride in its history makes the city and its inhabitants a melting pot of ideas and inspirations. Convergence takes a step through the ‘Gateway of India’ to explore a business destination that is as much about Business as it is Bollywood.
Who Shapes the City
It is impossible not to be star-struck in Mumbai, and one cannot be blamed. After all, the locals themselves are in a constant fervour over the big names that grace the pavements and elite establishments of the city, and the sheer impact and gravity of the Bollywood movie scene sweeps over the whole town. 15 million people live in Mumbai, including film-stars, artists, workers, and industrialists, surrounded by soaring skyscrapers and amazing architecture. From a diversity of ethnic backgrounds, its citizens speak over a dozen tongues and these influences add colour, flavour and pizzazz to what was formerly known as Bombay.
It was the greats of Indian history who built the reputation of this fine city, and laid the foundation for it to be a leading light to represent a nation. It was once home to Mahatma Ghandi, whose house is now a popular tourist haunt, and has fine educational institutions such as Mumbai University. One of the oldest universities in India, it has a five star ranking and members of its faculties have won eighteen national and international awards in the last five years. The university counts physicist Ravi Gomatam and the architect of modern India and author of the Constitution of India, B. R. Ambedkar as well as Indian cricketer Sunil Gavaskar among its many influential and famous graduates.
B.R Ambedkar was an Indian jurist, political leader, philosopher, anthropologist, historian, orator, economist, teacher, editor and also the Chairman of the Drafting Committee of Indian Constitution. He counts Mumbai University among his alma mater.
Billionaires Row
Driving the city forward in the modern world is an assortment of talent. Aside from the likes of silver screen stars Shahrukh Khan and Aishwarya Rai, some of the most successful Indian entrepreneurs and businessmen reside in Mumbai. Business magnate Mukesh Dhirubhai Ambani – the second richest man in Asia, and a University of Mumbai graduate, still calls the city ‘home’.
Chairman of the Aditya Birla Group Kumar Mangalam Birla, owner of eponymous business conglomerate Anil Ambani, Vice chairman of Essar Group Ravi Ruia and pharmaceuticals kingpin Dilip Shanghvi have all cracked the same ‘rich-list’ as Mukesh Ambani, and also live in the home of Bollywood. And there is a multitude of up-coming industry starlets in a variety of areas including fashion, technology and medicine. Howsoever the mainstays of Mumbai made their fame and fortune, one thing is for sure – the city is a magnet for the successful to showcase their talent and magnetic media-personality.
Where to Be Seen
South Mumbai is undoubtedly the commercial capital of Mumbai, and is also one of the oldest areas of the city. Many international establishments have their headquarters in nariman point, which is the central Business District, one of the richest neighbourhoods in the country and which commands some of the highest real estate prices in the world.
There are other business districts too, and cBD Belapur is offering an alternative to the escalated nariman prices by becoming a thriving technological and educational hub with well-connected transport links.
The Business of Bollywood
Mumbai is to the ‘Hindi cinema’ scene of Bollywood what Los Angeles is to Hollywood – a city that actors and actresses flock to in the hope of being ‘discovered’ by an influential director and be vaulted onto the silver screen. The term ‘Bollywood’ is often inaccurately used to describe the whole of the Indian film industry, when in fact it is only a specific component of the entire multi-lingual film-making field. What is accurate, however, is the reputation that Bollywood has achieved. With a revenue of US$3 billion in 2011, Bollywood is a highly successful hit-maker that generates films for a worldwide audience and is the largest film producer in the world, producing roughly 1, 000 movies a year. Its nearest rival Hollywood only manages 500 and next in line Japan rolls out around 400 movies a year.
Since its first feature film produced in 1913, Bollywood has come a long way. The 1940’s to the 1960’s are considered the ‘Golden Age’ of Bollywood, when many of its most artistically acclaimed and classic films started breaking box office milestones. its popularity spread and theatrical revenue kept increasing. With enduring themes of real-life struggles, the movies still retain their attraction, and the increase in budget for modern-day creations helps Bollywood appeal on a more global scale.
With slick technology, futuristic storylines and a growing presence of indian english, the new-blood of Bollywood is engaging and explosive enough to rival the best that the Western cinema world has to offer. This success has also translated to the box office. Films such as Aamir Khan’s “3 idiots” – a comedy with an in-demand leading star and well-placed song-and-dance routines has all the elements of a Bollywood blockbuster, with wide commercial appeal both at home and abroad. it became the first Bollywood film to cross the US$4 million threshold when released in the United States and has to date raked in a cool US$70 million worldwide – and counting.
The industry’s stars are making their fame and fortune in the Mumbai-based industry too. A prime example is the shining light of the Bollywood scene – the ultra-marketable heart-throb Shahrukh Khan, who is said to be worth US$540 million thanks to his movies and endorsements that followed his on-screen hits. The industry is ever-increasing in popularity and generating more hits, more stars and, crucially for the economy, more money, giving Bollywood plenty to sing, dance and be delighted about.
Business is not merely conducted within the four walls of an office, and the places to be seen in Mumbai are well-documented. The plush atmosphere of the indigo restaurant, a fine dining hotspot that boasts an incredible array of drinks and liquors, is full of dining celebrities and the biggest business deals are being made at its tables. The charming JW Marriott Hotel can be counted on to have the Mumbai glitterati sipping frothy lattes at its swanky coffee shop, and it doubles as an ideal place to meet a client during your business trip.
Hakkasan – the Mumbai branch of the Michelin-star chinese restaurant which has its roots in London – opened its oak-wood doors to the public in 2011 and has been a must-visit eatery to rub shoulders with the beautiful people ever since. And Wasabi by Morimoto has been voted by the media as the best Mumbai restaurant to impress a business colleague. Situated in the breathtaking seascape corner of the fabled Taj Mahal Hotel, it overlooks bobbing craft upon the waters of the inlet to the city.
With five-star hotels, fine-dining restaurants, fashion events, business conferences and a whole host of happenings, the city is abuzz with places in which to make connections and at the same time, broaden cultural horizons.
Why Business Thrives in Mumbai
Mumbai is where the money is made, quite literally, as it is home to the national Mint. The city is also armed with the might of the Bombay Stock exchange, reserve Bank of india and the national Stock exchange, resulting in an up-and-coming financial district that is a nerve centre to rival Manhattan’s finest. One of the top 30 cities in the world for GDp, Mumbai is top-ranked among competing indian cities for most start-up businesses too, and in a country with a billion inhabitants, this is no mean feat.
Given the culture and thriving industry there, it is easy to see what makes the destination so alluring for those looking to get a head-start. ignited by the passion and tapping into the pulse of Mumbai, foreign companies account for 40% of trade there and the city’s economy as a whole contributes more than 6% to india’s overall business economy. ‘Home-grown’ giants like the conglomerate Tata Group, the communications group reliance and the multi-national Aditya Birla Group all have their headquarters in Mumbai and happen to be the three biggest private companies in india – a firm endorsement of the city’s business appeal.
A Sound Structure
It is not merely numbers and statistics that draw industry. Business, of course, is about people, and it is the diverse cultural mix that leads to an interesting time when navigating the course of a business deal or relationship. Big decisions are rarely based on just statistics, empirical data and exciting presentations, but rather determined by intuition, feeling and faith. Trust and strong business acumen are valued here, and lucrative deals can be made or broken on these traits of trustworthiness and honour.
Furthermore, the aim to surge ahead with its financial powerhouse status and consolidate its existing retail and service hub to become a major player like Hong Kong and Dubai, will make for interesting time ahead for Mumbai.
The city’s ambition will see a major thrust in infrastructure development meaning undoubtedly better power supply, increasingly reliable transportation systems and roads being upgraded, better drinking water and sanitation facilities and the strengthening of the law and order system. This cocktail of promise will cement the city as a business stronghold.
It is tempting to draw parallels with other major cities but the truth is, Mumbai is a city truly like no other. A fascinating fusion of culture and history, this is not a destination living off its storied past but one that is forging ahead with an exciting future. There is never a dull moment and whether you are content to live amongst the stars or aim to become one of them, Mumbai is the perfect platform where your business story can unfold – The ‘Gateway to India’ is also the gateway to success.
