Mumbai in the first decade of the 21st century is evidently on the threshold of a new and prosperous era. Having understood the city's strategic importance, economists are predicting greater international role for it, while town-planners are working overnight for its make over, expecting in-flow of unforeseen wealth. Paradoxically, however, intellectualism that this progressive, multi-cultural city had inherited is conspicuously on decline. Whether in social reform or in cultural renaissance, in literature or in performing arts, Mumbai had enjoyed an undisputed position of leadership for well over a century. Today it suffers from intellectual insolvency and cultural slide down. Once known as the most progressive city of India, Mumbai appears to have abandoned the path of enlightenment. The author, in a severe indictment of academicians, media persons, writers and culture bearers, holds failure of intellectuals responsible for this malaise.