Delhi’s gross state domestic product (GSDP) at constant prices was estimated to grow by 8.14 per cent in 2017-18 in comparison to the previous financial year, according to the Economic Survey of Delhi 2017-2018. Survey has estimated Delhi’s per capita income at current prices to increase from Rs 3,00,793 in 2016-17 to Rs 3,29,093 in 2017-18, which is three times the national average.
The report was tabled by Deputy Chief Minister and Finance Minister Manish Sisodia in the Delhi Assembly on Monday. It stated that the advance estimate of GSDP at constant prices for this financial year was Rs 5,56,800 crore, an increase of 8.14 per cent since 2016-17. The estimated growth was lower compared to the growth from 2015-16 to 2016-17, which was 8.61 per cent.
The survey estimated Delhi’s per capita income at current prices to increase to Rs 3,29,093 in 2017-18 from Rs 3,00,793 in 2016-17.
At current and constant prices both, Delhi’s per capita income was nearly three times the national average, the report said.
For the government, tax collection was estimated to increase by 19.33 per cent in 2017-18 compared to the previous year.
“Delhi has maintained its consistent revenue surplus”, the survey said. However, the revenue surplus was estimated to reduce for a third year, to Rs 3,789.09 crore in 2017-18, from Rs 5,043.83 crore in 2016-17 and Rs 8,656.30 crore in 2015-16. The estimated revenue surplus would be 0.55 per cent of the GSDP.
All components of tax revenue, apart from “other taxes on goods and services”, were estimated to increase in 2017-2018. The taxes that were estimated to increase include stamps and registration fees, State excise and motor vehicle tax.
The Delhi government’s debt for 2016-17 was 5.41 per cent of the GSDP at Rs 33,344.80 crore, which included a Rs 3,326.39 crore non-plan loan from the Centre received in 2013-14. The survey said the debt situation was under control.
“The ratio of interest payment to revenue receipts also reduced to 8.39 per cent in 2016-17 from as high as 16.79 per cent in 2007-08,” the report said.
In addition, the Delhi government received a small saving loan of Rs 1,695.53 crore in 2016-17. The report said that that the Delhi government had a fiscal deficit of Rs 1,050.51 crore in 2016-17, as opposed to a fiscal surplus of Rs 1,321.92 crore in 2015-16. “Thus, the overall expenditure of Delhi in 2016-17 was marginally higher than its income,” the report said.
The government continued to prioritise education when it came to spending in 2017-18, with 19.1 per cent of the budget being allocated for the sector. Social security and welfare got 16.7 per cent, transport 16.5 per cent, medical and public health 14.2 per cent, and housing and urban development 12.8 per cent. The top five was rounded off by water supply and sanitation, which got 9.5 per cent of the budget allocations.
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