City per capita income surges 22 per cent in two years: Economic Survey

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City per capita income surges 22 per cent in two years: Economic Survey

Saturday, 02 March 2024 | Staff Reporter

 

Delhi’s per capita income increased 22 per cent in two years to Rs 4.61 lakh in 2023-24, registering a growth of 7.39 per cent, over the previous year, according to the Economic Survey of Delhi 2023-24 tabled in the Delhi Assembly on Friday. The Per Capita Income of Delhi at constant prices estimated at Rs 258941 in 2022-23 as compared to Rs 244024 in 2021-22. At the same time, the Capital’s outstanding debt of Rs 40017.55 crore as on 31.03.2023, resulting in debt GSDP(gross state domestic product ) ratio to 3.94 per cent. The state government had an outstanding debt of Rs 32080.31 Crore in 2013-14, which was equal to 6.48 per cent  of its GSDP.

Delhi Finance Minister Atishi tabled the Economic Survey of Delhi 2023-24 in the Hous of Delhi Assembly, that highlighting financial health of the Union Territory. “The ratio of interest payment to revenue receipts also got declined to 5.21 per cent in 2022-23 from the high ratio of 11.20 per cent in 2012-13. This clearly indicates that the debt problem is well under control. Delhi Government received a Small Saving Loan of Rs 3251.22 Crore during 2022-23, as against RS 5000 Crore received during 2021-22,” the report said.

While presenting the survey in the state assembly, she said despite obstructions created in the functioning of the city government, Delhi witnessed a rise in per capita income. She said the state budget for the financial year 2024-25 will be presented before the Assembly on March 4.

 Reading out details, she said the GSDP (gross state domestic product) of Delhi at current prices during 2023-24 is likely to reach Rs 11,07,746 crore, registering a growth of 9.17 per cent from 2022-23.

In post-Covid times, our real GSDP grew at 8.76 per cent in 2021-22 and 7.85 per cent in 2022-23, faster than the rest of the country. Delhi’s population, constituting 1.5 per cent of India’s total population, contributes nearly 3.9 per cent to the nation’s Gross Domestic Product (GDP). One of the achievements is the significant surge in Per Capita Income, which rose from Rs 3,76,217 in 2021-22 to Rs 4,61,910 in 2023-24, marking a remarkable 22 per cent increase in just two years. Delhi’s per capita income stands at 2.5 times the national average.

The Advance Estimate of GSDP of Delhi at current prices during 2023-24 is likely to attain a level of Rs1107746 crore which is at a growth of 9.17 per cent over 2022- 23. The Advance Estimate of GSDP of Delhi at constant prices during 2023-24 was recorded at Rs 672247 crore showed a growth of 7.39 per cent over 2022-23.

Delhi’s economy has a predominant Service Sector with its share of contribution to Gross State Value Added (at current prices) at 85.40% during 2023-24 followed by contribution of Secondary Sector (13.02 per cent) and Primary Sector (1.58 per cent).

According to report, Delhi has maintained its consistent Revenue Surplus; it increased to Rs 14457 Crore during 2022-23 (Provisional) as compared to Rs 3270 Crore in 2021-22. Delhi’s revenue surplus was 1.42 per cent of GSDP during 2022-23 and 0.52 per cent during 2023-24 (BE).

“Delhi only gets discretionary grants in lieu of Share in Central Taxes and that too is stagnant at Rs325 Crore since 2001-02. The Normal Central Assistance to NCT of Delhi during 2000-01 was Rs370 Crore and after 22 years, it is still remained as Rs626 Crore in 2022-23. Further, ‘Grants in lieu of Share in Central Taxes’ and ‘Central Assistance to UTs’ have been clubbed in ‘Central Assistance to UTs’ from BE 2023-24 onwards with a budget provision of Rs951 Crore in 2023-24,” the report said.

In terms of inflation and unemployment, Delhi has maintained a lower inflation rate compared to the national average, with an inflation rate of 2.81 per cent in 2023. Additionally, the unemployment rate dropped from 6.3 per cent in 2020-21 to 1.9 per cent in 2022-23, showcasing a favourable employment scenario, as per the report. Delhi’s fiscal management has also been commendable, with tax collection witnessing an 18 per cent growth during 2022-23. “The city recorded a substantial revenue surplus of Rs 14,457 crores in 2022-23, marking a significant increase from the previous year,” the report stated.

Delhi gives free electricity, water, health, education, bus rides for women, teerth yatras for elderly, and still has a growing economy with a revenue surplus, the minister said.

A recent study conducted by the Department of Economics and Statistics of 3450 households revealed that almost all households benefited from free electricity at some point during the year, with significant percentages availing free water, healthcare, and education services. 

“61.6 per cent of the households had spent all the money saved due to freebies, while 28.4 per cent invested the money in savings and FDs; and 7.2 per cent planned to spend it soon, 2.8 per cent have lent the extra money to friends,” the report stated. The report further claimed that the city government’s budget allocation for education has remained the highest across all state governments and Central governments.

The report further claimed that the city government’s budget allocation for education has remained the highest across all state governments and Central governments. “In 2022-23, we spent 21.1 per cent of our aggregate expenditure on Education, while the average across India was 13.5 per cent. Delhi’s Gross Enrollment Ratio and Net Enrollment Ratio are higher than India’s average GER and NER. For Senior Secondary classes - the senior most classes in school education, Delhi’s GER is 95.01 per cent while it is 57.05 per cent for India, in 2021-22. This means that children not only take admission in school but finish their school education,” claimed the Delhi government in its report.

The survey said the total gross cropped area in Delhi reduced to 33069 (estimated) hectares in 2023-24 which was at 35178 hectares during 2012-13. The remaining areas of the Delhi are being used for various other uses such as non-agricultural purposes, forest, fallow land, uncultivable land, etc. The main reasons behind the reduction in agriculture area in Delhi are fast urbanization and the shift in occupational pattern, especially during the last two decades.

On the transport sector, the survey report said the daily average passenger ridership in DTC buses was 25.02 lakh, in Cluster buses was 16.39 lakh and 46 lakh passengers in Delhi Metro during the year 2022-23. Cumulatively, more than 87 lakh passengers use our public transport system. 2. As of January 2024, Delhi’s total bus fleet comprised 7582 buses, out of which 1650 are electric.  Total pink tickets (free bus travel for women) issued over 2022-23 add up to 45.44 crore for DTC and cluster buses.

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