Delhi records 11.3% growth rate in FY12

Jun 10 2012, 10:45 IST
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SummaryThe fiscal deficit is proposed to be reduced to Rs 2,604 cr in 2012-13 which was Rs 3,177 cr in 2011-12.

Delhi achieved an impressive growth rate of 11.3 per cent in 2011-12 which was much above the national figure of 6.5 per cent, despite the slowdown in the overall economy of the country.

Top officials in the Finance Department said the government was confident of maintaining around 11 per cent growth rate in the current fiscal despite downward forecast for the economy in general.

The gross state domestic product (GSDP) of Delhi at the current prices for the year 2011-12 has been estimated at Rs 3,13,934 crore against Rs 2,64,496 crore in 2010-11, as per the latest figures.

"Delhi's contribution to the GDP of the country was 3.8 per cent in 2011-12 while having 1.4 per cent share in total population of the country," Chief Minister Sheila Dikshit said, exuding confidence of maintaining a high growth rate in 2012-13.

The Delhi government has projected the economy of the city to grow at a rate of 11 to 11.5 per cent during the 12th Five Year Plan period. The growth rate of Delhi in the Eleventh Plan period was 11.46 per cent as compared to 7.9 per cent at the national level.

The city government has already taken a number of steps including enhancing the tax collection mechanism and keeping the fiscal deficit under control to keep its financial position in a healthy state.

The fiscal deficit is proposed to be reduced to Rs 2,604 crore in 2012-13 which was Rs 3,177 crore in 2011-12 as per revised estimates.

Officials said though the government had faced crunch in the financial year 2010-11 due to huge spendings in the Commonwealth Games projects, the position has improved significantly as tax collection in 2011-12 was "very impressive".

The Delhi government had collected a total revenue of Rs 19,972 crore in the previous fiscal and set a target to generate Rs 26,150 crore from tax revenue in 2012-13, an increase of 31 per cent from the previous fiscal.

Officials said they expect the services sector to grow further as the industrial policy, unveiled last year, seeks to encourage the sector.

As per figures, the share of tertiary sector, also known as service sector, in GSDP of Delhi was about 82 per cent in 2011-12 followed by secondary sector at 17 per cent and primary sector at 0.87 per cent.

The primary sector comprises agriculture and allied services while the secondary one consists of construction and manufacturing sectors. The contribution of construction sector to the GSDP at

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