Though it, too, had an abundance of young, cheap, trainable labor, there were opportunity costs attached to the fact that the Indian financial capital was alternatively known as Slumbai. Despite economic growth, more than half of Greater Mumbai’s citizenry lived in makeshift housing.
With Shanghai and Singapore thriving with the British and American capital, Indian financial image was spoiled by the notion of Slumbai (Mumbai as the financial capital was the focus). Hence, Indian sensitivity about its slums.
