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Economy of Delhi
[edit]Services
[edit]Key service industries are information technology, telecommunications, hotels, banking, media and tourism. Construction, power, health and community services and real estate are also important to the city's economy.
Information Technology
[edit]As with other regions of India, the IT industry has been expanding in Delhi. Although not as robust as the IT industry in some of India's southern states, it still hosts significant IT companies such as Google India, Teleperformance India, HCL Technologies, SAP Labs India, Tata Consultancy Services and SAS Institute India.[1] Its satellite cities that fall within the NCR, such as Noida in Uttar Pradesh or Gurgaon in Haryana, are also home to a strong IT sector.[2] According to the Industrial Policy for Delhi 2010-21,[3] the Delhi government hopes to increase investments into and further develop the state's IT and ITeS industries.[4] Delhi's government institutions, well-developed infrastructure, increasing workforce and business-friendly culture makes it an ideal location for such an expansion of the IT sector.[5]
Tourism
[edit]Due to its history, central position and status as the nation's capital, Delhi is a common destination for tourists. Some common tourist attractions include the Red Fort, Qutb Minar, India Gate, Jama Masjid, Humayun's Tomb, Lotus Temple, Akshardham and the Rashtrapati Bhavan. Delhi's tourism sector makes up 5.6% of its GDP and the Delhi government considers it to be "high growth industry."[6] 62% of tourists and NRIs visiting India come to Delhi.[6]
Real Estate
[edit]The real estate sector was another growing industry within the NCR. It boomed in the 2000s and many Indians, induced by the soaring property prices, decided to invest in real estate, especially in the growing satellite cities of Gurgaon, Noida and Greater Noida.[7] At the real estate market's peak between 2001 and 2007, one could expect 20-30% annual returns or double their investment in about 3-5 years.[8] By 2013 however, demand for real estate began to decline, reaching an all-time low in 2016.[8] With sales plummeting and real estate firms ridden with debt, developers such as Unitech, Jaypee Infratech Ltd. and the Amrapali Group have slowed down progress on their development projects since they lack the necessary working capital.[7][8]
In response to the crisis, the Parliament of India passed the Real Estate (Regulation and Development) Act, 2016 to protect home-buyers and the real estate industry.[9] The act created the Real Estate Regulatory Authority (RERA) which is responsible for regulating the real estate industry and for addressing disputes for non-delivery.[9] The act also makes it mandatory to register real projects with a clear deadline.[10] This was followed by the Modi government's demonetization of ₹500 and ₹1000 banknotes. One of the stated aims of such an action was to curtail the widespread use of black money in real estate transactions.[11]
Greater compliance and transparency following the establishment of the RERA has had a stabilizing effect on the real estate market. Although the RERA has made it harder for new projects to launch, curtailing the supply-side of the real estate industry, demand has been increasing.[10] For now, except for Gurgaon which is experiencing marginal real estate growth, home values in the Delhi-NCR region remain stable.[12]
Transport
[edit]Another key sector of Delhi's economy is the transportation sector and the city has been investing in transport infrastructure projects.[13] More than half of the population in Delhi is dependent on local transport for commuting purposes.[14] Various methods of transportation thrive in Delhi, including the Delhi Metro, trains and buses.
The city's metro system in particular is a highly efficient public transport system that was initiated by the Delhi and Indian government in 1998. [15] In 2017, the Metro brought in a revenue of ₹5,388 crore.[16] That said, the Metro has been operating with a loss on a EBITDA basis for the past few years and, as of March 2016, its total debt stands at ₹291.5 billion. [16]
The state-owned Delhi Transport Corporation (DTC) runs the world's largest fleet of CNG buses and one of India's largest bus transport systems.[17] Buses are a very popular means of transportation in Delhi, accounting for about 60% of Delhi's total transport demand.[18] Delhi used to have a Bus Rapid Transit System as well that was a much-vaunted project of the previous Sheila Dikshit-led Congress government however, due to criticisms over poor planning, the Aam Aadmi Party government dismantled the system in 2016.[19]
Rickshaws and auto-rickshaws (commonly known as Auto) are also popular. Cheap, environment-friendly and easily available, these rickshaws are used both by Delhi residents going on short commutes and tourists yearning for a joyride.
Indira Gandhi International Airport, the primary civilian aviation hub for the NCR, serves Delhi's domestic and international flights and is the busiest airport in India.[20] The airport contributes about 34.5% of the total trade transacted through all major airports of India.[21] It serves as a hub for Air India, GoAir, Jet Airways, SpiceJet, IndiGo, AirAsia India and other major Indian airlines.
Banking
[edit]Media
[edit]References
[edit]- ^ "The 10 Best Companies To Work For In Delhi-NCR". Enterprise Blog for xoxoday. 2017-04-17. Retrieved 2018-10-03.
- ^ "Although Not Exactly A Hub For Top-Notch IT Firms, Delhi Has A Thriving IT Sector". So Delhi. 18 November 2016.
- ^ "Draft Industrial Policy". delhi.gov.in.
- ^ "Information On Industries In Delhi, Economy, Growth & Geography". IBEF. Retrieved 10/3/2018.
{{cite web}}: Check date values in:|access-date=(help) - ^ "Delhi NCR – An Emerging IT Hub in India - India Briefing News". India Briefing News. 2017-03-29. Retrieved 2018-10-03.
- ^ a b "Tourism Infrastructure". delhi.gov.in.
- ^ a b Sukumar, R. (2015-07-31). "Realty Bites". https://www.livemint.com/. Retrieved 2018-10-04.
{{cite news}}: External link in|work= - ^ a b c Sharma, Ashwini Kumar (2018-07-05). "2018, the year real estate died". https://www.livemint.com/. Retrieved 2018-10-04.
{{cite news}}: External link in|work= - ^ a b "What is the Real Estate Regulation Act (RERA)? Here is how it will help buyers". The Indian Express. 2017-05-01. Retrieved 2018-10-04.
- ^ a b Katiyar, Prerna (2018). "This could be the turnaround year for real estate. Here's why". The Economic Times. Retrieved 2018-10-04.
- ^ "Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money". India Today. Retrieved 2018-10-04.
- ^ "Home prices largely steady in Delhi-NCR during April-June: Report". The Economic Times. 2018-08-02. Retrieved 2018-10-04.
- ^ Bhandari, Kirti; Kato, Hirokazu; Hayashi, Yoshitsugu (December 2009). "Economic and Equity Evaluation of Delhi Metro". International Journal of Urban Sciences. 13 (2): 187–203. doi:10.1080/12265934.2009.9693657. ISSN 1226-5934. S2CID 154245619.
- ^ Corporation, Delhi Tourism and Transportation Development. ":: Delhi Tourism : Transport ::". www.delhitourism.gov.in. Retrieved 2018-10-28.
- ^ "Delhi Metro among world's top five, claim DMRC officials - Express India". 2012-10-02. Archived from the original on 2012-10-02. Retrieved 2018-10-28.
- ^ a b "Annual Accounts And Directors Report 2016-17". Delhi Metro Rail Corporation. Archived from the original on 3 December 2017. Retrieved 22 January 2018.
- ^ "outlookindia.com | wired". 2009-02-01. Archived from the original on 2009-02-01. Retrieved 2018-10-28.
- ^ "Chapter 12: Transport". Economic Survey of Delhi, 2005–2006. Planning Department, Government of National Capital Territory of Delhi. pp. 130-146. Archived from the original on 2007-01-16. Retrieved 2006-12-21.
- ^ "Dismantling Of Delhi's BRT Corridor Begins". NDTV.com. Retrieved 2018-10-28.
- ^ "Delhis airport busier than Mumbais by 40 flights a day - Indian Express". www.indianexpress.com. Retrieved 2018-10-28.
{{cite web}}: C1 control character in|title=at position 6 (help) - ^ "The Economic Impact of the Indira Gandhi International Airport". www.ncaer.org. Retrieved 2018-10-28.