Economy of Delhi

Economy of National Capital Territory of Delhi
Connaught Place in New Delhi is an important economic hub of the National Capital Region.
Statistics
GDP ₹6.86 lakh crore (US$96 billion) (nominal GSDP of NCT; 2017-18 est.)[1]
$167 to $370 billion (PPP Metro GDP)[2][3][4]
GDP rank 13th
GDP growth
 8.1% (2017-18)[1]
GDP per capita
 ₹329,093 (US$4,600) (current prices; 2017-18)[5]
GDP per capita rank
 1st
GDP by sector
 Agriculture 3%
Industry 12%
Services 85% (2017-18)[1]
Labour force
 32.82% of the population (2005–06)
Unemployment 4.63% (2003)
Public finances
Revenues ₹50,076 crore (US$7.0 billion) (2018-19 est.)[1]
Expenses ₹53,000 crore (US$7.4 billion) (2018-19 est.)[1]

The economy of Delhi is the 13th largest among states and union territories of India. The nominal GSDP of the NCT of Delhi for 2017-18 was estimated at ₹6.86 lakh crore (US$96 billion) recording an annual growth of 8.1%. Growth rate in 2014-15 was 9.2%.In 2017-18, the tertiary sector contributed 85% of Delhi's GSDP followed by the primary and secondary sectors with 12% and 3% respectively. The services sector recorded an annual growth of 7.3%.[1]

Delhi is the largest commercial centre in northern India. As of 2016, recent estimates of the economy of the urban area of Delhi have ranged from $167 to $370 billion (PPP metro GDP) ranking it either the most or second-most productive metro area of India.[3][2][6][4]

Manufacturing

Manufacturing grew considerably as consumer goods companies established manufacturing units and headquarters in the city. Delhi's large consumer market and the availability of skilled labour has also attracted foreign investment. In 2001, the manufacturing sector employed 1,440,000 workers and the city had 129,000 industrial units.[7]

Services

Key service industries are information technology, telecommunications, hotels, banking, media and tourism.[8] Construction, power, health and community services and real estate are also important to the city's economy.[9]

Retail

Delhi has one of India's largest and fastest growing retail industries.[9]

Tourism

The World Travel & Tourism Council calculated that tourism generated US$3.2 billion or 3.6% of the city's GDP in 2016 and supported 460,300 jobs, 8.3% of its total employment. The sector is predicted to grow at an average annual rate of 10.8% to US$8.9 billion by 2026 (3.7% of GDP). Foreign tourists accounted for 35.5% of all tourism-related spending in Delhi in 2016. The largest source of foreign tourists visiting the city was the United States, which accounted for 11% of foreign tourist visits to the city.[10]

Employment

As per the Economic survey of Delhi (2005–2006), Delhi's workforce constitutes 32.82% of the population, and increased by 52.52% between 1991 and 2001.[11] Delhi's unemployment rate decreased from 12.57% in 1999–2000 to 4.63% in 2003.[11] In December 2004, 636,000 people were registered with various employment exchange programmes in Delhi.[11] In 2001 the total workforce in national and state governments and the quasi-government sector was 620,000, and the private sector employed 219,000.[11]

The workforce participation rate for Delhi residents aged above 15 years was 40.8% in 2015-16, lower than the 41.8% recorded in 2012-13. Delhi's workforce participation rate is lower than the national average of 50.5%.[1]

References

  1. 1 2 3 4 5 6 7 "Delhi Budget Analysis 2018-19" (PDF). PRS Legislative Research. Retrieved 23 March 2018.
  2. 1 2 "Global city GDP rankings 2008-2025". PwC. Archived from the original on 4 May 2011. Retrieved 16 December 2009.
  3. 1 2 "Global city GDP 2014". Brookings Institution. Retrieved 8 May 2015.
  4. 1 2 Lewis, Clara. "Delhi, not Mumbai, India's economic capital - Times of India". The Times of India. Retrieved 24 February 2017.
  5. ↑ "Delhi fin_budget_speech_e_2018_19" (PDF). delhi.gov.in. Retrieved 15 March 2018.
  6. ↑ "The Most Dynamic Cities of 2025". Foreign Policy. Retrieved 24 August 2012.
  7. ↑ "Chapter 9: Industrial Development" (PDF). Economic Survey of Delhi, 2005–06. Planning Department, Government of National Capital Territory of Delhi. pp. 94–107.
  8. ↑ "Industries in Delhi". Mapsofindia.com. Retrieved 7 September 2009.
  9. 1 2 "Delhi hot favourite retail destination in India – Corporate Trends – News By Company -News". The Economic Times. Archived from the original on 7 October 2013. Retrieved 3 November 2008.
  10. ↑ "CITY TRAVEL & TOURISM IMPACT 2017 Delhi" (PDF). World Travel and Tourism Council. Retrieved 19 March 2018.
  11. 1 2 3 4 "Chapter 5: Employment and Unemployment" (PDF). Economic Survey of Delhi, 2005–06. Planning Department, Government of National Capital Territory of Delhi. pp. 59–65.
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