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Capital’s PCI increased by 17 in FY 2021-22 while Tax collection showed negative growth

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Delhi's Economic Survey 2021-22

Delhi’s economic growth for the financial year 2021-22 has been reported to be around 18% at present prices. The capital now ranks in the third position, only after Goa and Sikkim, with its per capita income increasing by a large rate of 17%. The reports have been widely accepted as after the post covid pandemic, the capital has been hit hard, just like all of the country. 

Delhi's Economic Survey 2021-22
Capital's PCI increased by 17 in FY 2021-22 while Tax collection showed negative growth 6

Delhi’s PCI has been reported to be around Rs. 4,01,982 in the year 2021-22, whereas it was around Rs. 3,44,136 in the year 2020-21. In the Economic Survey Report (2021-22), an overview of capital growth and achievements in various sectors have been presented. Despite the growth in PCI, dark clouds could still be seen looming over the financial health of the capital.

In 2020-21, the capital gained GSDS of 1.09%, showing the huge impact of the Covid pandemic on the lives of residents of Delhi, including the rising cases and lockdowns pushed all over the city. However, the economy has shown good improvement in the past year and may become better in the time to come. Predicted estimates show that there is a likely expansion of around 10.23% in the GSDP of the capital. This proves the improvement of the economic situation within the capital region of India. 

The gross state domestic product (GSDP) has been increased by 50% in the past 6 years, while it was 17.6% in comparison to the year 2020-21. But because of the market halt in the capital during a pandemic, the fiscal deficit of Delhi has grown 3 times from Rs. 3228 (in 2019-20, 0.41% of year’s GSDP) to Rs. 9973 (in 2021-22, 1.27% of the year’s GSDP). 

The survey also showed the downfall of tax collection in the capital as a result of the Covid pandemic and is in a negative growth phase of 19.5% ( in 2021-22), from 0.16% in the year 2019-20. Stamps and registration taxes have also shown a negative growth of around 23%. GST and VAT have also been reduced negatively to 19.5%. 

The capital is recovering from the world pandemic Coronavirus and the Delhi government will soon be seen once again working in the healthcare and education sectors. The subsidies provided by the AAP have worked in favor of the Delhi residents. 93% of households have been given access to piped water.

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