Mumbai Current Affairs - 2020

Mumbai 12th richest city globally: Report

India’s financial capital Mumbai, with a total wealth of US $950 billion was ranked 12th richest city globally in the report published by New World Wealth.

In the report, total wealth, refers to private wealth held by all individuals living in each city. It includes all their assets (cash, equities, property, business interests etc.) less any liabilities. Government funds are excluded from it.

Key Facts

The list of 15 wealthiest cities was topped by New York with total wealth of US $3 trillion. New York is home the two largest stock exchanges in the world. London was ranked second ($2.7 trillion) followed by Tokyo (3rd, $2.5 trillion), San Francisco Bay area (4th, $2.3 trillion), Beijing (5th, $2.2 trillion), Shanghai (6th, $2 trillion), Los Angeles (7th, $1.4 trillion), Hong Kong (8th, $1.3 trillion), Sydney (9th, $1 trillion), Singapore (10th, $1 trillion) and Chicago (11th, $988 billion), Toronto (13th, $944 billion), Frankfurt (14th, $912 billion) and Paris (15th, $860 billion). Among the 15 richest cities listed, San Francisco, Beijing, Shanghai, Mumbai and Sydney are fastest growing in terms of wealth growth over the past 10 years,

According to report, Mumbai is economic hub of India. It is home to Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. It houses major industries which include financial services, real estate and media. It is expected to be the fastest growing city (in terms of wealth growth over the next 10 years). Mumbai also features among top 10 cities in terms of billionaire population. The city is home to 28 billionaires, individuals with US $1 billion or more in net assets.

Indian Navy decommissions INS Nirbhik and INS Nirghat warships

Indian Navy has decommissioned INS Nirbhik and INS Nirghat warships at Naval Dockyard, Mumbai (Maharashtra), after a glorious 30 and 28 years respectively in the service of the nation.

During their glorious service over almost three decades, these ships had participated in numerous operations including Operations Parakram and Vijay.

Key Facts

INS Nirbhik and INS Nirghat in their new avatars were commissioned at Poti in erstwhile USSR (now in Russia) in December 1987 and December 1989 respectively. These ships belonged to Killer squadron and were forward deployed off Gujarat on numerous occasions for patrolling

They had four gas turbine engines that enabled them to achieve fast speeds close to 40 Knots. Their weapon package included four Surface to Surface missile, medium range AK 176 gun and close range AK 630 in addition to small calibre guns packs a lethal punch. These ships were manned by a crew of 70 sailors and seven officers.

These ships were inheritors of proud legacy as their original avatars were flag bearers of naval offensive action on Karachi Harbour during India-Pakistan war in 1971.