New Delhi economy has grown remarkably over the past few years to become a strong and vibrant economy that can be attested to by evidence of its overall GDP. The economic survey of India placed its GDP at 478 billion INR and per capita income at 38,860 INR in 2000/2001. As at this finding, the annual economic growth of Delhi’s economy was put at 9.9% with the tertiary sector giving about 78.4% of its GDP and its secondary and primary sectors making up 20.2% and 1.4% correspondingly. The New Delhi Tertiary sector is made up of trade, financial services, real estate, banking, insurance, business services amongst other services in the economy. New Delhi’s growth in investment and its vibrant resultant economy has been possible thanks to favorable economic policies instituted by the government from an earlier onset to encourage investment in the state.
Its various industries such as textile, manufacturing, R&D, handloom, arts and crafts and its centrality as a market place for northern India have as well been key to its spontaneous growth. In addition, it is an important trade route that links Indian Punjab and Gangetic plains. Consequently, the state of New Delhi has risen over the years as a significant trade center and manufacturing hub for the region. Many industries such as jewelry, export, embroidery, silver vases, fashion, corporate industries, BPO, IT, ITES have emerged over the years and contribute a big deal to the state’s Industrial growth. These have been the primary drivers of its economy that have seen its GDP go up. The Agricultural and mining sectors are also crucial to New Delhi although they are not as well developed in terms of commercialization for optimization and net out put at a larger economic scale. Major crops grown in the state include wheat, Bajra and Jowar with animal husbandry being practiced and the products aimed at meeting the demands of the state.
The government encourages investments in the state through policies such as the Delhi Finance Corporation Scheme that targets small and medium scale industries, Delhi Finance Corporation also offers guidance for new businesses and entrepreneurs and Loan schemes for business people who are unable to make promoters contributions. In addition, there is a financial scheme for women entrepreneurs in the state. The industrial policy aims at promoting industry to enable them achieve optimum levels of productivity with minimum power, less space and maximum employment.