Though once dominated by the cotton textile industry, Mumbai's economic base is now diversified. Textiles still remain important, but the city's industries include petrochemicals, automobile manufacturing, metals, electronics, engineering, food processing,
In addition to manufacturing, Mumbai is a leading commercial and financial center. The city is home to the Reserve Bank of India, the Mumbai Stock Exchange, and a variety of other major financial institutions. The government and service sectors are also important in the city's economy.
Business in Mumbai has traditionally been dominated by Gujaratis and the Parsis, and Gujarati is the language in which most business is conducted. Mumbai's economic success, however, and its burgeonong population have created their own problems. The city is rated among the worst in India in terms of housing, cost of living, education, and health care.