InfoChangeIndia carries an interesting article examining London's growth from the 70's to Mumbai's development plans:
Mumbaikars love to dream about turning their city into Shanghai , just as the earlier model was Singapore or Hong Kong . It may be only a distant memory, however, that half a century ago, London was where Mumbai's planners took their cue from, emulating its move to build satellite cities as “counter-magnets”. London , under Margaret Thatcher, suffered several declines but under its dynamic, if mercurial, current Mayor Ken Livingstone, has clearly emerged the world's foremost business and financial centre.
The article is interesting, especially given the lack of domestic politics in the piece - no mention of the controversies over the transport schemes which they hail is given. Certainly worth reading to see an outsider's view of London alone.
You can find the full article here.