Mumbai’s total GDP is US$270 billion. How many years will it take to match Shanghai?

Translated from the Headlines (Toutiao 头条新闻)

Author: History point (史点)

Over the past 100 years, the city of Mumbai has occupied a very important position in the Indian territory, with a series of first-ranked titles. It is India’s largest industrial city, largest financial center, largest seaport, most populous city, etc. The importance of Mumbai in India is the same as that of Shanghai to China.

So over the years, Mumbai has been compared with China’s Shanghai, and even some Indians have whimsically believed that if Mumbai does not work hard, it will be surpassed by Shanghai.

Objectively speaking, Mumbai can be regarded as an international city, but compared with Shanghai, it is not qualified. Mumbai’s GDP is only over 270 billion U.S. dollars, only one-half that of Shanghai. The economic disparity makes the gap between Mumbai and Shanghai cannot be smoothed out in three to five years. Even if Shanghai does not develop, it will take at least ten years for Mumbai to match the current level of Shanghai.

The word “Mumbai” comes from Portuguese and means “beautiful bay”. It is located in western India, bordering the Arabian Sea. It was originally composed of 7 small islands in the Arabian Sea. After being filled with sediment, it forms a peninsula and is connected with the mainland by bridges and long banks. The area of ​​Mumbai is more than 4,300 square kilometers, which is 50% smaller than that of Shanghai, but its population of 25 million is no different from that of Shanghai.

The city of Mumbai is backed by green hills and faces the sea. On the crescent-shaped coast, a new-style high-rise building and an old-style building complement each other, which is particularly eye-catching. After nightfall, the bright lights and golden lights make Mumbai another name of “Queen’s Necklace”.

This is the wealthiest and most dynamic city in India, and it is also the center of the upper class. Many businessmen run business and social activities here. The number of rich people ranks among the top ten in the world, and the total assets of the 60 billionaires add up to more than US$500 billion. Not only does Mumbai have more billionaires, it also has a million-dollar net worth group that far surpasses the above cities, reaching 46,000. After excluding the middle and upper classes, the 20 million Mumbai citizens have more wealth. But it is less than a fraction of the 60 rich, less than 10 billion U.S. dollars, which is also listed as “the city with the largest gap between rich and poor in the world.”

In comparison, among Chinese people with net assets of tens of millions and above, there are as many as 310,000 in Shanghai, and 16,700 households with assets of more than 100 million. This data is still calculated in 2018. Now, this data should have risen a lot. Although there are not as many super-rich people in Shanghai as in Mumbai, they are richer than in Mumbai, and the gap between the rich and the poor is smaller than the other.

In terms of infrastructure, Mumbai only opened its first subway line in 2014, with a total length of fewer than 12 kilometers. The vehicles running on the subway line are all made in China.

Looking at Shanghai again, the total length of the subway exceeded 700 kilometers last year, ranking first in the world, and the total length of the long-term planning rail transit network is more than 1,600 kilometers. Even if Shanghai does not build a one-inch subway now, Mumbai will not be able to catch up for ten years.

Mumbai is the birthplace of India’s textile industry, and its output value accounts for one-third of India’s national textile industry, and the industrial and commercial and personal income tax provided here accounts for one-third of India’s. One-seventh of India’s factories are concentrated in Mumbai, covering various industries such as wool spinning, leather, chemicals, pharmaceuticals, machinery, food, information, and petrochemicals. The continental shelf oil fields are exploited offshore and the oil refining industry is developing rapidly.

Compared with Shanghai, Shanghai currently has six major development industries, including electronic information, automobiles, petrochemicals, and fine chemicals, high-quality steel, complete equipment, and biomedicine; emerging industries include energy conservation and environmental protection, new-generation information technology, biology, high-end equipment, and new energy. , New energy vehicles, new materials, and other strategic emerging industries.

Especially with the arrival of the Tesla Gigafactory, it has produced a total of 450,000 new energy vehicles since it was put into production. In the future, Shanghai is expected to become one of the leaders in the global new energy automobile industry.

In the financial sector, although the Bombay Stock Exchange, established in 1875, is the oldest stock exchange in Asia, its market value is not the same as that of the Shanghai Stock Exchange. The Shanghai Stock Exchange is currently the largest exchange in Asia by market capitalization, and hundreds of companies are listed here every year.

In terms of foreign trade, although Mumbai is known as India’s largest seaport, its annual throughput is only more than 100 million tons, which is only the level of Shanghai 20 years ago. The annual cargo throughput of Shanghai Port is now over 800 million tons. Last year, the container throughput of Shanghai Port reached a new high, with a total of 43.5 million TEUs completed, ranking first in the world for 11 consecutive years.

Judging from the soft and hard conditions of a city’s economic development, Shanghai is almost a complete victory over India. The engine of Mumbai’s transformation into a modern city is still roaring. According to United Nations projections, by 2100, Mumbai will have a population of 67.2 million, making Mumbai the most populous city in the world.

With such a huge population, I wonder if Mumbai will have more slums with unbearable conditions and harsh environments at that time?