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Previously known as Bombay, Mumbai is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the second most populous city in the world, with a population of approximately 14 million. Along with the neighbouring urban areas, including the cities of Navi Mumbai and Thane, it is one of the most populous urban regions in the world. Mumbai lies on the west coast of India and has a deep natural harbour. As of 2009, Mumbai was named as an Alpha world city. Mumbai is also the richest city in India, and has the highest GDP than any city in South, West or Central Asia.
When India became independent in 1947, the city was incorporated into Bombay State. In 1960, a new state of Maharashtra was created with Bombay as capital. It was renamed Mumbai in 1995. Mumbai is home to important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India and the corporate headquarters of numerous Indian companies and multinational corporations.
The city also houses India's film and television industry, known as Bollywood. Mumbai's business opportunities, as well as its potential to offer a higher standard of living, attract migrants from all over India and, in turn, make the city a potpourri of many communities and cultures.