Mumbai is the financial, commercial and entertainment capital of India. It is also one of the world's top ten centres of commerce in terms of global financial flow, generating 6.16% of India's GDP and accounting for 25% of industrial output, 70% of maritime trade in India (Mumbai Port Trust and JNPT), and 70% of capital transactions to India's economy. Mumbai (also known as Bombay, the official name until 1995) is the capital city of the Indian state of Maharashtra. Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour. In 2008, Mumbai was named an alpha world city. It is also the wealthiest city in India, and has the highest number of millionaires and billionaires among all cities in India.