By Abhishek Prabhat
BBC correspondent in Bombay |
 About half of Bombay's population still live in slums |
India's financial capital, Bombay, was once a preferred destination for industry and business. The fast-paced life and prosperity of the vibrant metropolis were the envy of the entire country.
But over the past few years, Bombay, also known as Mumbai, has lost its lustre as the pivot of the Indian economy.
Its status is being increasingly threatened by the rise of cities like Bangalore and Hyderabad as software capitals.
Bombay First
Even some smaller cities, like nearby Pune or Gurgaon on the outskirts of Delhi, are seeing rapid growth, while Bombay seems to be in reverse gear.
Half of Bombay's population lives in slums while traffic gridlock makes commuting a nightmare.
Air pollution is on the rise and there are fights over scarce drinking water.
The fault, say citizens, lies with the city's decrepit infrastructure.
"Bombay has got a 19th century infrastructure on which it is carrying a 21st century load," says industrialist Narinder Nayar.
Mr Nayar has launched a citizen's forum called Bombay First to restore the city's lost glory.
He identifies a lack of political will to reinvest as the main reason behind the city's decay.
"Bombay is India's economic engine, contributing about $9bn to the country's exchequer every year," Mr Nayar says.
"But only one or two per cent of revenue generated is ploughed back into the city."
Changes at the top
One young banker, Jyoti Kharade, says Bombay has reached saturation point.
 Bombay's competition is Dubai (L) and Shanghai, says Mr Nayar |
"It is overpopulated and expensive. That is enough to put off prospective investors." Sushil Choksey, a stock market analyst, says the city has also paid the price for "political inconsistency".
"Look at Andhra Pradesh. [Chief Minister] Chandrababu Naidu has ruled the state for nearly a decade," Mr Choksey says. "But Maharashtra has seen frequent changes at the top."
But Mr Nayar says Bombay is still the leader. "It still pays more taxes than any other city in India."
"Bombay is not competing with Bangalore or Hyderabad. Its competition is with Shanghai and Dubai."
Bombay First has launched an ambitious project to revive the city's fortunes. "Chakachak [spick and span] Mumbai" is a campaign that involves the government and citizens.
It aims to raise over $3bn in a year and $40bn over the next 10 years to invest in city infrastructure.
The project is highly ambitious and it cannot be achieved without the support of the ruling elite.
But will they be forthcoming? Mr Nayar says: "Citizens' voices are strong and politicians will have to listen."
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Only one or two per cent of revenue generated is ploughed back into the city 
