Mumbai is India's largest city (by population) and is the financial and commercial capital of the country as it generates 6.16% of the total GDP.[1][2][3] It serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and ₹40 billion (US$530 million) in corporate taxes.[4] Along with the rest of India, Mumbai has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in the 2000s.[5] Although Mumbai had prominently figured as the hub of economic activity of India in the 1990s, the Mumbai Metropolitan Region is presently witnessing a reduction in its contribution to India's GDP.[6]