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With an estimated Gross Domestic Product of
478 billion INR (2005 figure) [11], Delhi is an important
commercial center in South Asia. According to the economic
survey of Delhi, carried out in 2000-01, Delhi had a per
capita income of 38,860 INR and recorded an annual economic
growth rate of 9.9%. In 2001, the tertiary sector contributed
78.4% of Delhi's GDP followed by Secondary and Primary sectors
with 20.2% and 1.4% contribution respectively. The city enjoys
a considerably high literacy rate (81.7%). [12] Delhi's
workforce constituted 32.84% of the population showing an
increase of 51.9% between 1991 and 2001. This massive increase
in the workforce was primarily due to migration of unemployed
people from neighbouring states. As a consequence, Delhi's
unemployment rate increased from 5.7% to 12.7% during the
period 1992 to 2000. In December 2000, 991,000 people were
registered with various employment exchange programs in Delhi
Connaught Place is the commercial hub of Delhi.
Historically, Delhi has always been the economic capital of
northern India. In early 19th century, it started to gain
importance in arts and craft, textile and handloom. Many
small-scale industries expanded, including the handloom and
copper utensils industry. By the end of the 19th century,
Delhi was northern India's manufacturing hub. Delhi lies along
the important trade route between Punjab and the Gangetic
plains making it one of ancient India's most important trading
center.
In recent years, Delhi's service sector has expanded
exponentially due in part to the large skilled
English-speaking workforce that has attracted many
multinational companies. Key service industries include
information technology, telecommunications, hotels, banking,
media, tourism and life sciences. Delhi's manufacturing
industry has also grown considerably as many consumer goods
industries have established manufacturing units and
headquarters in and around Delhi.
Delhi's large consumer market, coupled with
the easy availability of skilled labour, has attracted a lot
of foreign investment in Delhi. In 2001, the manufacturing
sector employed 731,000 workers (24.6% of Delhi's workforce)
while the number of industrial units increased by 48.4%.[14]
However, the contribution of the manufacturing sector to
Delhi's GDP declined from 25.4% in 1994 to 20.2% in 2001.
Construction, banking, power, telecommunications, health and
community services and real estate form integral parts of
Delhi's economy. Tourism is also a significant contributor to
the economy of Delhi. Other key industries include goverment
administration and defence. In 2001, the Union government had
a total workforce of more than 212,000 in Delhi while the
State government employed more than 114,000 people. Other
local government bodies in Delhi employ as many as 298,000
people. In comparision, organised private sector employed only
217,000
Delhi's relatively high per capita income, better living
standards and high economic growth rate has attracted a lot of
people from rural areas in neighboring states such as
Rajasthan, Punjab, Haryana, Uttar Pradesh and Bihar. Due to
this high migration rate, Delhi registers as one of the
fastest growing cities in the world. According to a United
Nations report, Delhi will be the third largest agglomerate in
the world after Tokyo and Mumbai by 2025.
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