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The economy of the national capital is estimated to have grown at a rate of 8.61 per cent in 2018-19, according to Delhi government’s latest economic survey report, which says after a year of slump, tax collection registered a growth of 14.07 per cent in 2017-18.
The year 2016-17 had seen rate of tax collection crashing to 3.03 per cent, which the government had attributed to demonetisation and “refunds” to various bodies. The economic survey report of 2018-19 was tabled in the Delhi Assembly on Saturday.
“The advance estimate of Gross State Domestic Product (GSDP) of Delhi at current prices during 2018-19 is likely to attain level of 7,79,652 crore, at a growth of 12.98 per cent over 2017-18. In real terms (which takes into account factors like inflation), the growth is estimated to 8.61 per cent during 2018-19,” the report states.
An average Delhiite annually earns around three times more than the national income average, says the report, pegging the per capita income of Delhi at Rs 3,65,529 as against the national average of Rs 1,25,397.
The economy of the capital is almost entirely fuelled by the tertiary (services) sector with its contribution standing at 84.12 per cent followed by secondary sector (manufacturing) at 14 per cent and primary sector (agriculture) at 1.88 per cent, says the survey report.
“During 2018-19, education Sector has continued to be the first priority sector with maximum share of allocation of 27.36 per cent of the budget allocated followed by 16.63 per cent allocation to social security and welfare, 14.81 per cent to health, 14.12 per cent to housing and urban development and 11.67 per cent to transport,” it says.
