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Everyone’s setting sail for India. With a growth of 8.2%
per annum, India’s economy is booming and has now
swelled to a trillion dollars, making it only the 12th nation
to reach this milestone. As more and more super luxury
brands such as Louis Vuitton, Chanel, Porsche, Salvatore
Ferragamo, Hermes, Jean Paul Gaultier, Gucci, Christian
Louboutin, and others drop anchor in Indian shores over
the past year, today’s brand conscious Indian is going
overboard in his urge to splurge. Here’s why:
• Riding high on strong economic growth and robust
gains in stock markets, the number of high net
worth individuals (HNWI), with a net asset of at
least one million dollar, increased by 20.5% to
1,40,015 in India last year, second to the 21.2%
growth of Singapore. (Source : The Financial Express,
June 28, 2007)
• Statistics show that the luxury goods market in India
was pegged at USD 4.35 billion in 2006 which is
expected to triple to USD 14.35 billion by 2010 and
grow upto seven times to USD 30 billion by 2015.
(Source : The Economic Times ATKearney India Luxury
Review 2007) |
With a population in excess of 12 million, Mumbai is
said to have more millionaires per square mile than
Manhattan. That apart, there are many more reasons
why it makes sense for India’s largest boat show to dock
in Mumbai:
• Mumbai is known as the ‘Gateway to India.’ and is
India’s commercial and business hub.
• It accounts for 16% of India’s income tax collection
and 35% of India’s corporate tax collection.
• Mumbai has a natural harbour with miles of sheltered
coastline with great places to sail to.
• The city houses the mega-rich diamond, finance, IT
and film industries. (Bollywood is the world’s largest
film producing centre.)
• Mumbai is home to the National Stock Exchange and
the Bombay Stock Exchange. The BSE Sensex has
broken all records and has crossed the 21,000 mark
as of the first quarter of 2008.
• India’s financial capital Mumbai is the world’s
seventh largest city in terms of billionaire population
according to a Top 10 Billionaire City list by Forbes.
With the average wealth of resident billionaires at a
whopping $7.6 billion, Mumbai surpasses all the 10
cities, including Moscow, New York, London, Istanbul,
Hongkong, Los Angeles, San Francisco, Dallas and
Tokyo.
• Mumbai is home to the highest number of corporate
headquarters and is home to the scions of some of
India’s largest private enterprises like the Tata Group,
the Reliance Group, the Aditya Birla Group, ICICI
Bank, etc.
• It has a strong boating heritage with the 3rd oldest
yacht club in the world, the Royal Bombay Yacht Club,
set up in 1846. |
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