Delhi’s growth to surpass national average at 9.18%: State economic survey
1 min read 20 Mar 2023, 06:19 PM ISTThe survey shows that per capita income at current prices in Delhi has reached ₹389,529 in 2021-22, and is expected to touch ₹444,768 in 2022-23
PremiumGross state domestic product of Delhi may grow 9.18% in the current financial year, while the country’s real GDP is seen around 7%, according to the Delhi Economic Survey 2022-23, presented by state transport and environment minister Kailash Gahlot on Monday.
GSDP of Delhi at constant prices is estimated to touch ₹652,649 crore as per advance estimate of GSDP, a growth of 9.18% over 2021-22.
This is marked improvement from Covid-19 impacted 2020-21 when Delhi’s GSDP (at Current Prices) contracted by 3.72%. “This implies that overall economic activity had recovered past the pre-pandemic levels. Further, as per Advance Estimates for the year 2022-23, the economy of Delhi has been scripting a fast recovery after the bruising impact of the pandemic," said the survey.
The state nominal GDP is also projected to touch ₹1,043,759 crore in 2022-23 at current prices, a growth of 15.38% as compared to last year. The GSDP at current prices or nominal GDP increased by 31.6% in the last four years – from ₹792,911 crore in 2019-2020 to ₹1,043,759 crore in 2022-23, the survey noted.
Nominal GDP is measured based on prevailing current market prices, without taking into account the effects of inflation or deflation. It depicts the monetary value of goods and services produced in a country in one financial year.
The higher GDP growth is reflected in rising income of Delhi citizens. The survey shows that per capita income at current prices in Delhi has reached ₹389,529 in 2021-22 as compared to ₹331,112 in 2020-21, and is expected to touch ₹444,768 in 2022-23, showing a growth of 14.18%. “The average per capita income of Delhi was 2.6 times higher than the national level per capita income," the report says.
The fiscal deficit in Delhi has also widened in the last financial year to ₹7,021.41 crore in 2021-22 as compared ₹6,707.79 crore in 2020-21, which is 0.78% of GSDP as compared to 0.88% during 2020-21," the report showed.
In the 2022-23 Delhi budget, the transport sector got the highest allocation of 20% of the total budget allocation of schemes and projects, followed by education (17%), Water supply and sanitation (15%), and Medical and Public Health (13%).
Education and health sectors are reportedly to get the highest allocation in the FY24 budget of Delhi, which is due on Tuesday.
