If we take a look at the basic structure of Delhi, one can clearly understand that it has not suffered from major problems even after so many years of development. The economic growth of Delhi can be gauged from the fact that in the past few years, there have been five structural shifts in the city. These changes have not only helped the city to flourish as a modern and vibrant metropolis but also to become one of the most cosmopolitan cities in India. Let us try and analyze these trends over a period of time so that we could understand how these changes have affected the economic growth of Delhi.
Commercialization – The city has seen tremendous growth in the commercial sector over the past few years. Even before the onset of commercialization, Delhi was mainly a commercial hub as it had a number of prime industries which were initially set up in the city. However, the major driving force behind this commercialization process was the need to connect the new developing areas with the old commercial centers of Delhi. This was done by the state through the setting up of different toll roads which were made essential by the construction of the motorways.
Industrialization – During the past several years, there has been major industrialization of Delhi. With increasing demand for IT services, automobile industries came up in the city and started providing jobs to a large number of people. There have been major influx of companies from the outside regions of the country which have started setting up their manufacturing units in the city. This has helped the city to develop technologically as well as economically.
Real Estate – During the last few years, the real estate market of Delhi has seen a significant growth in the residential, corporate, and retail segments. This has been facilitated by the availability of properties at affordable prices. Apart from that, the growth in the construction market has also led to a significant inflow of funds into the city. As the projects are constructed at a faster rate, the property prices have dropped down considerably. Even after the completion of a project, the value of the property does not decrease much.
Business – Delhi has a booming business sector. The city is home to many top business organizations from across the country. These companies are looking forward to establish their offices in this city. This has helped the city to flourish and progress at a faster pace. Major players in the business sector include IT giants, automobile industries, hotels and resorts, and other similar businesses. All these have set up their offices in the city and are looking forward to expand their business in this regard.
Education and healthcare – The educational sector too has seen major developments in the last few years. This is largely due to the focus on quality education and healthcare that the government has taken up. Delhi is well equipped to train students . . . . . . of different fields and hence can be regarded as one of the best education hubs in the country. Some of the best colleges in the country have set their labs in this city. Some of the major hospitals of the country are located here and thus the country has seen a major improvement in the healthcare sector.
Construction – With the massive development and opening of sea, air and rail connectivity, the city has become an important industrial hub as well. There are numerous construction and infrastructure development projects in the city, which are helping the city progress at a great speed. Major construction activities in the city include the Metro Rail, the New Port Bridge, the Golkonda Metro Rail and the Yamuna Express Highway. Apart from these there are numerous other projects such as the Raheja Express Highway, the elevated walkway, and the express lanes. These are all major infrastructural developments and have helped the city progress greatly.
There are several reasons why Delhi is the most wanted city among the major cities of India. Not only is it the capital of India, but also has a lot of scope for economic growth. Other than that, the city has a good population, has great infrastructure and major transport links, which all contribute towards the city being the most desired economic and capital city of India.