Delhi economy recovering from Covid impact, to grow by 10.23% in FY22: Manish Sisodia

The economy of Delhi is gradually recovering from the challenges posed by the five waves of COVID-19 that the city faced, Deputy Chief Minister Manish Sisodia said while presenting the budget for 2022-23 in the Assembly on Saturday.

The Gross State Domestic Product (GSDP) of Delhi at the current market prices is likely to increase from Rs 7,85,342 crore in the year 2020-21 to Rs 9,23,967 crore in the year 2021-22, indicating an increase of 17.65 per cent, he said.

“I would like to clarify that the real growth rate of Delhi’s GSDP in the year 2021-22 is likely to be 10.23 per cent. Whereas at the national level, this growth rate is estimated to be 8.9 per cent. This means that we are again reaching the level of pre-pandemic economic activities,” he stated.

The contraction of 1.09 per cent at current prices and 3.86 per cent at real prices in Delhi’s GSDP during 2020-21 reflects the impact of the COVID-19 pandemic and the measures taken for its control, said Sisodia, who also holds the Finance portfolio in the Delhi government.

Avance estimates indicate that Delhi’s economy will grow at 17.65 per cent at current prices and 10.23 per cent at constant prices in 2021-22, he said.

Delhi’s per capita income is likely to increase to Rs 4,01,982 at current prices in 2021-22 from Rs 3,44,136 in 2020-21. This shows an increase of 16.81 per cent year on year basis, Sisodia said.

The Rs 75,800 crore budget estimate for 2022-23 is 2.5 times higher than the budget of Rs 30,940 crore in 2014-15, he added.