On 9 November, I had blogged about the measurement of cities as international financial centres (IFCs) that's being done by the City of London. By this measure, in absolute terms, Bombay's score rose by 37 points between 3/2007 and 9/2008, but Bombay's rank was abysmal.
Mastercard has released a MasterCard Worldwide Centres of Commerce: Emerging Markets Index document dated October 2008. Unlike the City of London, which looks at IFCs worldwide, the Mastercard study focuses on 65 cities in emerging markets and looks at a larger perspective on the city as an engine of commerce rather than as an IFC.
In the overall ranking (page 5), Bombay appears at rank 19 with a score of 52.7 while Shanghai is ranked first with a score of 66.01. This ranking is useful in giving a sense of how badly India is faring on urban governance. I found this list to be quite interesting in what it told us about the relative ranks of cities within India: it's Bombay (52.7), Delhi (49.73), Bangalore (47.17), Chennai (47), Hyderabad (45.29), Calcutta (44.65), Poona (43.68), Coimbatore (43.25).
On page 19, they show a ranking focusing on the financial services environment. Here, Bombay comes out at rank 1 with a score of 8.46 while Shanghai appears second with a score of 7.67.