With Mumbai deposing Beijing to emerge as the new billionaire capital of Asia, it is evident that this western state is a lucrative site for businesses to invest and thrive. In terms of global fiscal flow, Mumbai is one of the planet’s top 10 centers of business. No wonder why this state, with its robust economy and huge infrastructural potential, has emerged as one of the favorite destinations for businesses to lay the seeds of foundation of their organisation. If you are looking to engage top talent from Mumbai to engage in your business, partnering with an EOR Mumbai company is going to be the way out.
Starting from Aditya Birla Group, Reliance Industries, Tata Group to the Reserve Bank of India and the Bombay Stock Exchange, Mumbai is home to the headquarters of several renowned establishments. The most interesting bit? As per Hurun’s Global Rich List, Mumbai hosts 92 billionaires as compared to 91 in Beijing. Mumbai, the stock exchange capital of the country, accounts for 12.92 percent of India’s GDP. Further, the financial capital of India offers huge talent pool skilled in diverse areas. To start operating in Mumbai and hire top talent from Mumbai, gaining access to EOR Mumbai services will help you streamline the complex compliances and administrative tasks.
Let’s have a look at Mumbai’s economic and business landscape before we go ahead with learning more about EOR Mumbai services.
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Table of Contents
- Mumbai at a Glance
- City Profile & Economic Overview of Mumbai
- Major Industries in Mumbai
- What is EOR Mumbai?
- What are EOR Mumbai Services?
- Why Should You Hire Workers from Mumbai?
- Final Words- EOR Mumbai
- Frequently Asked Questions- Mumbai
Mumbai At a Glance
- About: Mumbai, previously known as Bombay, is the capital city of the western state of Maharashtra
- Location: On the Konkan Coast (West Coast of India)
- Area: 603.4 square kilometers
- Population: 21,673,000
- Climate: Tropical climate with a prolonged dry season with a comparatively short yet intensely rainy wet season
- GSDP: US $435 billion
- Moniker: City of Dreams
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City Profile & Economic Overview of Mumbai
Mumbai is the largest city in Maharashtra, India. It is the core financial and economic capital of India as well. About 60% of India's maritime trade goes through Mumbai. The most fascinating fact about this western state is that it alone accounts for 12.92% of India's GDP (as per a recent report by Niti Aayog). Its GDP amounts to US $140 billion.
Major Sectors in Mumbai's Economy
- Banking services
- Insurance
- Financial services
- Maritime trade
- Entertainment industry
- IT services
- Consumer services
Mumbai is the most densely populated region in the world. Population density in the Mumbai Metropolitan Area is a whooping 50,000 individuals per square kilometer. It has even surpassed Shanghai's population density at 29,042 people living per square kilometer. Notably, Mumbai is one of the costliest cities in India. Further, it nestles precious talent with professionals having expertise in diverse domains.
Major Industries in Mumbai
Mumbai's healthy economic system is evident from the research report revealed by Hurun's Global Rich List. The city added 26 billionaires this year as compared to Beijing that lost 18 billionaires. As per findings by Henley and Partners, Mumbai shelters about 59,400 personalities having a net worth surpassing $1 million. Meetings and planning sessions were held between the state government authorities and NITI Aayog officials to discuss how Mumbai Metropolitan Region's GDP can be elevated to USD 300 billion by 2030. All these have been possible owing to the contributions of a wide range of industries that are driving its economy. Let's see what these industries are!
1. Finance and Banking
Mumbai is often referred to as the financial capital of India, housing the headquarters of the Reserve Bank of India (RBI) and numerous national and international banks, financial institutions, and stock exchanges. It also houses the headquarters of prominent institutions such as the National Stock Exchange (NSE) that is the 7th largest stock exchange in the world along with the Bombay Stock Exchange (BSE) and Securities and Exchange Board of India (SEBI). Several other banks and financial institutions having their headquarters and main corporate offices located at Mumbai, include:
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Axis Bank
- Bank of Baroda
2. Information Technology (IT) and Software Services
The city is home to a thriving IT industry, with a concentration of software development companies, IT services firms, and technology startups. IT companies that have their head offices at Mumbai are:
- Tata Consultancy Services (TCS)
- Infosys
- Wipro
- Tech Mahindra
- HCL Technologies
3. Film and Entertainment
Mumbai, also known as Bollywood, is the center of India's vibrant film and entertainment industry. It produces a significant portion of India's films, television shows, and digital content. Renowned production houses and entertainment agencies that have their main offices at Mumbai, include:
- Yash Raj Films
- Dharma Productions
- Eros International
- Balaji Telefilms
- Viacom18 Motion Pictures
4. Manufacturing
Mumbai has a diverse manufacturing sector, including industries such as textiles, pharmaceuticals, chemicals, engineering, and automotive manufacturing. The following manufacturing giants are based out of Mumbai:
- Larsen & Toubro (L&T)
- Godrej Group
- Reliance Industries Limited (RIL)
- Mahindra & Mahindra
- Tata Group (Various manufacturing divisions)
5. Trade and Commerce
As a major port city, Mumbai plays a crucial role in India's trade and commerce, with industries involved in import-export, logistics, shipping, and warehousing. The following global brands have their presence in Mumbai:
- Adani Group
- Reliance Industries Limited (RIL)
- Tata Group (Various divisions involved in trade and commerce)
- Hindustan Unilever Limited (HUL)
- ITC Limited
6. Hospitality and Tourism
Mumbai attracts millions of tourists each year with its iconic landmarks, cultural attractions, and bustling street life. The city has a thriving hospitality industry, including hotels, restaurants, and tourism services. Major players in this industry based out of Mumbai are:
- Taj Hotels
- Oberoi Hotels
- Marriott International
- IHCL (Indian Hotels Company Limited)
- AccorHotels India
7. Healthcare and Pharmaceuticals
Mumbai is a hub for the healthcare and pharmaceutical industries, with world-class hospitals, medical research institutions, and pharmaceutical companies such as:
- Apollo Hospitals
- Fortis Healthcare
- Sun Pharmaceutical Industries
- Cipla
- Dr. Reddy's Laboratories
8. Media and Advertising
Alongside the film industry, Mumbai is home to a vibrant media and advertising sector, with major publishing houses, television networks, advertising agencies, and digital media companies. These include:
- Times Group
- Star India
- Zee Entertainment Enterprises
- GroupM
- Ogilvy
9. Real Estate and Construction
Mumbai's booming real estate and construction industry is fueled by rapid urbanization and infrastructure development projects. Well-known real estate firms that are based out of Mumbai are as follows:
- DLF Limited
- Godrej Properties
- Oberoi Realty
- Lodha Group
- Hiranandani Developers
10. Retail and Consumer Goods
The city has a bustling retail sector, with shopping malls, markets, and retail chains catering to the diverse needs and preferences of Mumbai's residents and visitors. These include:
- Reliance Retail
- Future Group
- Aditya Birla Retail
- Shoppers Stop
- Trent Limited (Westside)
What is EOR Mumbai?
"EOR Mumbai" refers to "Employer of Record (EOR) Mumbai." An Employer of Record (EOR) is a third-party entity that takes on the responsibility of being the legal employer for workers, handling tasks such as payroll, benefits administration, HR compliance, and employment taxes. In the context of Mumbai, EOR services would involve providing these employer-related functions for businesses operating in or hiring workers in Mumbai, India. EOR services can be particularly useful for companies expanding into new markets or operating in countries where they lack a legal entity or infrastructure to manage employment obligations directly.
EOR Mumbai service providers like Asanify offers top-notch facilities to ensure local compliances for foreign businesses looking to set their foot in Mumbai, the financial capital of India. With a streamlined approach, every essential thing starting from payroll processing, tax support to management of your Mumbai team, will be taken care of by Asanify.
What are EOR Mumbai Services?
Partnering with an EOR Mumbai partner translates to availing of the following services:
- Employment Contracts: Drafting and managing employment contracts compliant with local labor laws and regulations.
- Payroll Administration: Processing payroll, including calculating wages, deductions, and taxes, and ensuring timely and accurate payments to employees.
- Benefits Administration: Managing employee benefits such as health insurance, retirement plans, and other statutory benefits as required by local laws.
- HR Compliance: Ensuring compliance with Mumbai's labor laws, including regulations related to working hours, leave entitlements, minimum wage requirements, and employee rights.
- Tax Compliance: Handling payroll taxes, tax filings, and compliance with tax regulations governing employer obligations in Mumbai.
- Work Permits and Visas: Assisting with obtaining work permits and visas for foreign employees working in Mumbai, ensuring compliance with immigration laws.
- Employee Onboarding and Offboarding: Managing the onboarding process for new hires, including documentation, orientation, and training, as well as handling offboarding procedures for departing employees.
- Employee Relations: Providing support for employee relations issues, such as conflict resolution, disciplinary actions, and performance management.Legal Support: Offering legal advice and assistance on employment-related matters, including interpretation of labor laws, dispute resolution, and representation in legal proceedings if necessary.
- Recordkeeping and Reporting: Maintaining accurate records of employee information, payroll data, and compliance documents, and generating reports as needed for regulatory purposes or internal management.
Not to be considered as tax, legal, financial or HR advice. Regulations change over time so please consult a lawyer, accountant or Labour Law expert for specific guidance.
