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GLOBAL PERSPECTIVES | Second Quarterly 2013 – North America ...

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<strong>GLOBAL</strong> <strong>PERSPECTIVES</strong> - SECOND QUARTERLY <strong>2013</strong><br />

ASIA<br />

New Look For India's Historic ‘Bhendi Bazaar’<br />

By Qureish Raghib*<br />

MUMBAI - From being an irrigation tract in its early days to being developed by the British to resettle communities<br />

– affected by the Great Mumbai Fire that broke in 1803 at the Fort area – and then eventually mushroom into<br />

a bustling business district, Bhendi Bazaar in India’s South Mumbai, has come a long way in terms of socioeconomic<br />

evolution.<br />

‘Bhendi Bazaar’ – an aerial view | Credit: Indian Muslim Observer<br />

The market area derives its name from a plantation of<br />

thespesia populnia or bhendi in the north-west of Dongri<br />

as mentioned in the Maharashtra State Gazette.<br />

Surprisingly, even with its 200-year-history of<br />

characteristic entrepreneurial resilience, Bhendi Bazaar<br />

gradually sunk in an abyss of civic neglect and<br />

infrastructural despair leading it to be seriously challenged<br />

in a liberal Indian economy.<br />

But interestingly, even during the global economic<br />

slowdown that affected Indian market growth in the last<br />

decade, this large area having distinct business dynamics,<br />

undertook economic reforms such as diversification and<br />

new business ventures while indulging in minimal credit<br />

facilities.<br />

This has been largely possible as over 50% of the 1250<br />

commercial establishments in the project area are owned<br />

by Dawoodi Bohras – one of the oldest mercantile<br />

communities that first settled in the city during the 18th<br />

century.<br />

Known for their business acumen, Dawoodi Bohra<br />

businesses in Bhendi Bazaar and elsewhere have grown<br />

exponentially by benefitting from the Burhani Qardan<br />

Hasana Trust, a global financial institute established by the<br />

community’s spiritual leader His Holiness Dr. Syedna<br />

- 15 -

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