Overview of New Delhi

Economy of New Delhi

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The currency used in India is Rupees. With an estimated net State Domestic Product of US$ 24.5 billion in nominal terms, Delhi is the second largest commercial centre in South Asia after Mumbai. In 2007, Delhi had a per capita income of US$ 1,140, the third highest in India after Chandigarh and Goa. While a major part of the work force is employed in government related jobs, the private sector is rapidly growing.

Key service industries include information technology, telecommunications, hotels, banking, media and tourism. Delhi's manufacturing industry has also grown considerably as many consumer goods industries have been setting up manufacturing plants in and around the city. Delhi has also attracted much foreign investment. It is the base and head quarters for many international companies. Construction, power, telecommunications, health and community services, and real estate form integral parts of Delhi's economy. Delhi has India's largest and one of the fastest growing retail industries. Land prices are booming and Delhi is currently ranked the 7th most expensive office hotspot in the world.

India has enjoyed a rapid pace of growth in recent years. It boasts of the world's second largest labour force with 516.3 million people. Economic reforms have transformed India into the second fastest growing large economy. However, it still suffers from high levels of poverty, illiteracy and malnutrition. Economic growth is unequal and the income difference between the rich and poor is vast. In recent years, India has become a major outsourcing destination for many multinational corporations and is a big player in the global IT industry. It has the world's twelfth largest economy in terms of market exchange rates and the fourth largest in terms of purchasing power.


Update 10/03/2009

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