Mumbai is the business & financial capital of India. All the major financial institutions, banks and stock exchanges are based in Mumbai. The head quarters or administrative offices of major business houses operate out of Mumbai.
The earlier business district of Ballard Estate have given way to Nariman Point in South Mumbai and more recently to the new business districts, which have come up in Bandra Kurla complex and the Lower Parel areas, which are being built on redeveloped textile mills’ land.
Newer business complexes are coming up in Andheri and other districts in the northern part of the city. These units mostly house the IT and knowledge based industries e.g. BPOs. Gradually the smokestack industry is being driven out of Mumbai, mainly due to economic unviability.