Mumbai, the financial and commercial capital of India, is poised to become an international financial hub.

Between the 9^th and 13^th centuries, the Arabian Sea was the center of world commerce, connecting the Middle East and Africa with Asia. In 1661, Catherine of Braganza gave away islands of Bombay to King Charles II of England. The British East India received Bombay from the Crown in 1668 and founded the modern city of Bombay for the promotion of trade between India and British colonies. George Oxenden was the first Governor of Bombay. Consequent to the mismanaged affairs of the East India Company, in 1857, Bombay reverted to the British Crown. Export of cotton became a major activity from Bombay for the colonial economy to feed the textile mills in Great Britain.

In the early 20^th century, commercial and banking activities started growing in enormous proportion in Bombay to cater to India's international trade requirements both in the pre- and post-independent years. In 1995, Bombay renamed Mumbai by the then Maharashtra State Government. The name `Mumbai' is probably derived from the temple of Mumba-Devi in the city.

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