Like most of the things in life, there is a trade-off between these two options. I believe both the places have good enough schools, so schooling should not be a problem. Mumbai is a big city, there are a lot more things to get exposed to than in Jamshedpur, e.g., plays and professional theatre, access to a cosmopolitan environment, and definitely, the biggest of them all -- the vast and open sea :) On the other hand, Mumbai is crowded, commuting is a big problem, and in general, pollution level is too high. In contrast, Jamshedpur is a steel city -- well-organized, clean and access to natural curricular activities. However, I'm not aware of access to professional plays and theatre like in Mumbai. If proximity to nature is your prime concern, then Jamshedpur definitely beats Mumbai hands down. The only thing supremely natural about Mumbai is the hard-hitting rains, which is plain inconvenient to say the least.
why are you concerned about bringing up your child in mumbai if you feel that jamshedpur is also a good choice? if you are already settled there, i suggest you can let your child enjoy the life there, and later, you can always send your child to the metro for higher studies absolutely your choice
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