Economy of Delhi
Indian economists are of the view that Delhi’s fast growing economy will soon culminate in it superseding Mumbai as India’s commercial capital and rightly so. Delhi's Gross State Domestic Product, GSDP (at 2011-12 prices), on an average has registered an 11.3% growth (Economic Survey 2011-12), and for the past five years it has been one of the fastest growing cities in the northern region. Delhi not only has a rich cultural heritage but a rich economy as well, and this has resulted in it being considered as one of the cities that offers a high standard of living to the city dwellers.
Delhi’s economy performing well is an ancient phenomenon. The early 19th Century witnessed industries like art and craft, jewellery, embroidery, handloom and textiles flourishing. Iron and steel and engineering works developed in the latter part of the 19th Century.
A large market of skilled labour thrives in Delhi, and this has attracted foreign investment as well. As a result, innumerable malls have sprung up across the city, with international brands like Starbucks, Marks & Spencer etc. opening their outlets here. Connaught Place is considered the economic hub of the city, and houses plush offices of major industries.
Another major reason for Delhi’s augmented economic growth is trade. Some of the primary articles that are exported are ready-made garments and imports that include electronic components. Significant trade is also seen in the fruit and vegetable, fodder, food grain as well as cloth sectors. In addition to availability of labour, Delhi also has the added advantage of being a source of mineral deposits like china clay and quartzite. Thus, the areas around Delhi are teeming with myriad industries.
Of late, Delhi’s real estate sector has registered an extraordinary performance. This has been a direct consequence of the increasing popularity of Delhi’s schools, colleges and the resultant surge in the student population. An increase in the tourist population too has led to a rise in the demand for flats, houses, and agricultural land. Thus the real estate sector of Delhi has been riding on a series of highs and this has contributed significantly to the city’s economic growth.
Delhi’s economic growth has also been proved by statistics, which shows that agriculture’s contribution to this growth is relatively insignificant, with that of the services sector being as high as 82% (Economic Survey of Delhi, 2011-12). The economy is expected to maintain this growth in the 2012-13 financial year.
Unemployment is a key yardstick to gauge whether an economy is growing or not. Unemployment has registered a conspicuous decline of 3.2% between the years 2010 – 2012 (Employment and Unemployment report, Ministry of Labour and Employment), courtesy to the numerous employment schemes in the city.
Today, Delhi offers a wide range of employment opportunities to people with varied qualifications. Students looking for internships can choose from a host of internships in various fields. Thus, Delhi has become one of the most sought after cities for people in search of employment.