The Gross State Domestic Product of Delhi at current prices is likely to show a growth of 13 per cent and rise from Rs494,460 crore in 2014-15 to Rs558,745 crore in 2015-16, as per the new series of estimates with base year 2011-12.
Deputy Chief Minister Manish Sisodia’s proposed Budget said in real terms at constant prices, the growth of GSDP in 2015-16 is expected to be 8.34 per cent which exceeds 7.6 per cent at the national level.
While Delhi is only 1.43 per cent of the country’s total population, its contribution to the national GDP has increased from 3.93 per cent in 2011-12 to 4.02 per cent in 2015-16. The contribution of tertiary sector in GSDP of Delhi is 82.3 per cent followed by 15.5 per cent of secondary sector and 2.2 per cent of primary sector.
The proposed Budget said per capita income of Delhi at current prices was likely to increase from Rs252,011 in 2014-15 to Rs280,142 in 2015-16. This shows 11 per cent growth in per capita income of Delhi. While per capita income at national level has increased from Rs86,879 in 2014-15 to Rs93,231 in 2015-16, it is about three times less than that of the national Capital.
The AAP Government expects a growth of 17 per cent in tax revenue in the current year as compared to 2.64 per cent during 2014-15. In case of State excise, the Government is expecting a growth of 31 per cent in 2015-16 as compared to 8.60 per cent in 2014-15. Similarly under the Stamps Registration Fees, a growth of 21 per cent is expected in the current year as against the negative growth of 4.3 per cent in the last year. Even the Tax-GSDP ratio which was 5.4 per cent in 2014-15 is expected to increase to 5.6 per cent in 2015-16.
While the Government registered a historic growth of 17 per cent in tax revenue and 31 per cent in State excise and 21 per cent in stamp duty, the Confederation of Indian Industry said the proposed Budget was comprehensive in addressing the issues of the citizens and industry and meeting their expectations.
Feedback Infra Private limited Group Managing Director Rumjhum Chatterjee said, “This has been a very positive Budget that has kept the needs of the common man in focus. It has also been a participative process with a clear strategy and prioritisation of objectives. The Budget will certainly improve the quality of life of Delhi’s Citizens in the short to medium term.”
DCM Shriram Industries limited Director Madhav B Shriram said the Textile industry and other industry sectors in Delhi were very optimistic with this Budget. He said the Government has introduced a few schemes such as three-Tier system in Healthcare and other Tax level reforms such as single window clearances were a welcome sign.
He said the Budget’s focus on Social Welfare of the State was heartening to see. “like previous year, increase in Budget for the education sector will improve the infrastructure of the Government schools. Developing Delhi as a knowledge economy of and by showcasing it as a knowledge hub of the nation will improve influx in the education sector.” While Servel India ltd CEO Rahul Chaudhry said the Budget caters well to the economically weaker section of the society. The focus on healthcare, infrastructure and education is good provided that they are able to implement it.”
K B Kachru, Member, CII Delhi State Council and Chairman- South Asia, Carlson Rezidor Hotel Group (Radisson Hotels) South Asia chairman K B Kachru said he expected luxury Tax issue was to be dealt better. Daljit Singh, Convenor, CII Delhi Panel on Healthcare and President Fortis Healthcare said, “The Delhi Government has put its money where the mouth is by providing appropriate emphasis on Healthcare access to the masses of Delhi. Quality of implementation and sustainability will the key determinant of success.”
Member of Management Board, Apeejay Stya and Svran Group Aditya Berlia said, “Instead of forced outsourcing, the issue of education, the Government has taken bold steps of dramatically increasing its investments in education… However, we are pained that no regulatory enablement has come to expand the number of Private School seats which is the number one concern of most parents in Delhi.”
Sheela Group Director Namita Gautam said, “The Budget has focus on Vocational Training and Skill Development. The new scheme of Train the Trainers is a very positive sign for the future of Delhi. It is also good to see two more ITI’s coming up this year. The Vocational training is the only way of overall development of Delhi. The only aspect the Government needs to focus on is the quality of Training.”