Economy seems to be recovering from the slowdown of 2016-17; debt burden ‘well under control’, data indicates
From page 01 NEW DELHI: With healthy tax collections, a “well-under-control” debt burden, and a projected growth rate of 8.61% in the current fiscal, Delhi’s economy seems to be recovering from the slowdown of 2016-17, data from the latest Economic Survey of Delhi indicated.
The survey was tabled in the Assembly by deputy chief minister and finance minister Manish Sisodia on Saturday.
Stamps and registration, including land revenue, saw the steepest increase of all tax categories in the last four financial years. Officials from the Delhi finance department said the data could imply that more properties were bought, apart from other stamp paper related works. While this tax category was in the negative (-8.39%) in 2016-17, it rose by 30.92% in 2017-18.
With Delhi having a mammoth 109.86 lakh registered vehicles, the report states that taxes on vehicles were the second largest revenue generator for the government. From ₹1,558.83 crore in 2014-15, the tax collection from vehicles increased to ₹2,115.76 crore in 2017-18.
In all, the tax collection of Delhi government registered a growth of 14.70% in 2017-18 (Prov.) as compared to the growth of 3.03% in 2016-17. Deputy CM Manish Sisodia said the improved tax collection was because of “honest governance”. “We have tapped money pilferages and different forms of tax evasion right at the nip. This is a result of honest governance. I must highlight here that the results would have been even better if police and ACB was under us as we would have put a stop to corruption,” he said.
The minister, however, said the tax collection of Delhi under the Goods and Services Taxes (GST) did not meet its target because the Centre is yet to implement barcode system on all goods and items. “We are still having to seek compensation from the centre, whereas Delhi is not supposed to,” Sisodia said.
The report stated that the total revenue collection of the Delhi government was ₹38,667.27 crore in 2017-18 as against ₹34,345.74 crore in 2016-17.
“The advance estimate of Gross State Domestic Product (GSDP) of Delhi at constant prices during 2018-19 is likely to attain level of ₹602708 crore, at a growth of 8.61% over 2017-18’s ₹5,54,908 crore,” the report stated.
For yet another year, Delhi’s per capita income saw a steady increase. In 2018-19 it was pegged at ₹3,65,529, which is three times the national average. According to report, Delhi’s outstanding debt is ₹33,569 crore.