Delhi: Economy

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Jobs, Economy Growing Faster Than National Avg

TIMES NEWS NETWORK

timesofindia

2013: Services once again accounted for the largest share (81.54%) of Delhi’s state gross domestic product (GSDP) in the previous financial year, according to the report “E s t i m a t e s o f S t a t e D o m e s t i c P r o d - u c t — 2 0 1 2 - 1 3 o f D e l h i ” compiled by the Directorate of Economics & Statistics .

The report said Delhi has become the most attractive city for youths seeking work across the country, thanks to her government’s pragmatic economic policies. It added that the 17.7% growth in Delhi’s GSDP, compared to 13.3% at the national level, reflects the city’s economic health. After accounting for inflation, the growth amounts to 9%, compared to 5% at the national level. The report states that Delhi’s GSDP is the 10th largest in India.

The predominance of services in Delhi’s economy is in line with the city’s industrial policy that promotes non-polluting units. The secondary sector (industry) contributes 17.69% and the primary sector (agriculture) 0.77% of the GSDP, the report states.

Finance, insurance, real estate and business services make up 40.23% of the service pie, followed by trade, hotels and restaurants with 18.24%, and construction (9.97%). Large-scale construction across the city has increased the contribution of this sector.

The report states that the ratio of Delhi’s GSDP to the all-India GDP at both current and constant prices has increased steadily. Delhi contributes 3.87% of the national GDP with only 1.42% of the population. Since 1998-99, Delhi’s GSDP has risen from Rs 53,226 crore to Rs 3.65 lakh crore—an increase of 687% “during the last 14 years of the present government,” a statement from the CM’s office stated.

Per capita income in Delhi is Rs 2.01 lakh compared to Rs 1.73 lakh in 2011-12—an increase of 15.77%. It is three times the national average of Rs 68,747. Per capita income crossed the Rs 1 lakh mark in 2008-09, and increased to Rs 1.27 lakh in 2009-10. In 1998-99, it was only Rs 40,060.