Delhi's economy estimated to grow at 12.76 per cent in 2016-17

New Delhi: The Delhi government on Tuesday pegged the growth of the city's service-driven economy at 12.76 per cent for the current fiscal as against the country's projected 7.1 per cent.

A day ahead of presentation of the budget, the AAP government tabled the Economic Survey in the assembly, estimating the size of the GSDP (Gross State Domestic Product) at 6.2 lakh crore for 2016-17, at current prices.

It said the economy of the capital city is estimated to grow at 12.76 per cent as against 12.09 per cent logged during 2015-16. The report has not mentioned about any impact of demonetisation on the city's economy.

According to the report, the per capita income of Delhi, which is already three times the national average, is likely to cross Rs 3 lakh during 2016-17.

"The per capita income of the city was nearly three times the national average at Rs 2,73,618 in 2015-16 as compared to Rs 2,49,004 in 2014-15," it said.

The report, tabled by Deputy Chief Minister Manish Sisodia, said Delhi's economy has a predominant service sector whose contribution stands at at 82.26 per cent to the GSDP during 2016-17 followed by contribution of secondary and primary sectors.

The report pegged Delhi's tax collection at 20.84 per cent in the current year, but there has been a reduction in its revenue surplus.

The city collected Rs 30,225.16 crore in taxes during 2015-16 with a growth rate of 13.61 per cent as compared to the growth of 2.64 per cent in 2014-15, it said.

Revenue surplus (actual amount of net income over and above the projected amount) of Delhi has been pegged at 0.89 per cent (estimate) of the GSDP in 2016-17.

It was 1.57 per cent of the GSDP in 2015-16 at Rs 8,656 crore and Rs 6,075 crore in 2014-15, the report said.

However, the survey said Delhi had a fiscal surplus, which means its income exceeded its spending, in 2015-16 at Rs 1,321.92 crore, which is 0.24 per cent of the GSDP, thus the "overall financial position of Delhi is sound".

"Excise recorded the highest growth of 23.82 per cent. Tax collections under stamps and registration, VAT and Motor Vehicle Tax recorded a growth of 20.85, 10.70 and 3.09 per cent respectively," it said.

According to the report tabled in the Delhi Assembly, the per capita income of Delhi, which is already three times the national average, is likely to cross Rs 3 lakh during 2016-17.

"The per capita income of the city was nearly three times the national average at Rs 2,73,618 in 2015-16 as compared to Rs 2,49,004 in 2014-15.

"The advance estimate of per capita income of Delhi at current prices during 2016-17 is estimated at Rs 3,03,073," it said.