Wealth and its acummulation in Bombay/Mumbai
Date
2023-06-21
Authors
Motiram, Sripad
Limaye, Kiran
Journal Title
Journal ISSN
Volume Title
Publisher
Southern Centre for Inequality Studies (SCIS)
University of the Witwatersrand, Johannesburg
University of the Witwatersrand, Johannesburg
Abstract
This paper analyses wealth in Bombay/Mumbai by considering three historical phases: pre-colonial and colonial (sixteenth century-1947), independence to pre-liberalisation (1947-91) and post-liberalisation (1991-present). For the first phase, our geographical focus is Western India and for later phases, it is Mumbai Metropolitan Region and Pune. We rely on various sources: historical accounts, secondary statistical databases, secondary literature and interviews with key informants and wealth owners. We divide wealth owners into three groups: 1000 crores and higher, 1000-100 crores and less than 100 crores (a fuzzy threshold). Colonialism created a wealthy elite through trade and newer industries. The pre-liberalisation period, saw consolidation by some of these (e.g. Tatas) and emergence of new players (e.g. Ambani), who used the regulatory framework. The post-liberalisation phase, created newer opportunities through relaxed regulation and greater space for private sector and foreign capital. The wealth story of Bombay/Mumbai differs from that of other Indian cities. Bombay is essentially a colonial product, and trade (particularly in opium) played a significant role in creating the city and shaping wealth. Banking and finance are much more important for wealth and its accumulation in Mumbai, and this has created a distinct wealth profile for the city.
Description
Keywords
Wealth Inequality, Bombay/Mumbai, Western India, Pre-colonial and colonial (sixteenth century-1947), Independence to pre-liberalisation (1947-91), Post-liberalisation (1991-present)
Citation
Motiram, S and Limaye, K. 2023. Wealth and its accumulation in Bombay/Mumbai. Wealth Inequality Working Paper | Number 49