Delhi Chief Minister Rekha Gupta during the Kheer ceremony before the beginning of the Delhi Assembly Budget Session 2026 at Vidhan Sabha in New Delhi on Monday. (@gupta_rekha X/ANI Photo)The Economic Survey of Delhi 2025-26 released by the Government of the NCT of Delhi describes the changes and progress in Delhi’s economy — in the same way as the annual Economic Survey released by the Union Ministry of Finance before the Union Budget describes the state of the nation’s economy.The Delhi government will present the Budget for the coming financial year on Tuesday.According to the Survey, Delhi’s nominal Gross State Domestic Product (GSDP), which is a marker of the total economic output in the state, is expected to be Rs 13.3 lakh crore — a growth of 9.42% over the previous financial year.The nominal GDP growth rate, which essentially describes the change in the size of the economy in current day prices, is both higher than the national average of 8% for the current financial year and better than the nominal growth rate registered under the last year of the previous government (8.9% in 2024-25).However, nominal GDP growth rate is far slower than what has been the norm over the past decade (Table 1). Weak nominal GDP growth rate is the most important factor in Budget-making because it is the nominal economic output and its growth rate that determine the government’s revenue prospects.However, the growth rate that is most often used when comparing one state’s growth to another’s, as well as one year’s performance with the past, is the real growth rate — that is, after taking away the effect of inflation. This is pegged at 8.53% — better than most earlier years.The reason for this is the reduced level of inflation in the previous year, especially when compared to higher inflation in the post-Covid years. As Table 2 shows, retail inflation — measured by the Consumer Price Index — in Delhi was lower than even the national average in every month of 2025.Story continues below this adAnother key metric is the income of the average Delhiite. This is calculated by dividing the total nominal GDP by population. According to the Survey, per capita income in Delhi at current prices during 2025-26 is estimated at Rs 5,31,610 — a growth of 7.92% over the previous year.That nominal per capita income has grown slower than the overall nominal GDP implies that Delhi’s population growth has outstripped the growth in its nominal GDP in the current financial year. But at Rs 5.32 lakh annum, Delhi’s average income is more than double the national average.However, it must be noted that the GSDP and per capita income figures are based on the previous GDP base year, 2011-12. India’s national income accounting adopted a new base year of 2022-23 in February, and that resulted in India’s overall economic output being marked down by around 4%.In other words, India’s overall economy was not as large as it was estimated in the older data series. In time, when Delhi’s economic output data is aligned to the new series, changes can be expected in these growth estimates.Udit Misra is Senior Associate Editor at The Indian Express. Misra has reported on the Indian economy and policy landscape for the past two decades. He holds a Master’s degree in Economics from the Delhi School of Economics and is a Chevening South Asia Journalism Fellow from the University of Westminster. Misra is known for explanatory journalism and is a trusted voice among readers not just for simplifying complex economic concepts but also making sense of economic news both in India and abroad. Professional Focus He writes three regular columns for the publication. ExplainSpeaking: A weekly explanatory column that answers the most important questions surrounding the economic and policy developments. GDP (Graphs, Data, Perspectives): Another weekly column that uses interesting charts and data to provide perspective on an issue dominating the news during the week. Book, Line & Thinker: A fortnightly column that for reviewing books, both new and old. Recent Notable Articles (Late 2025) His recent work focuses heavily on the weakening Indian Rupee, the global impact of U.S. economic policy under Donald Trump, and long-term domestic growth projections: Currency and Macroeconomics: "GDP: Anatomy of rupee weakness against the dollar" (Dec 19, 2025) — Investigating why the Rupee remains weak despite India's status as a fast-growing economy. "GDP: Amid the rupee's fall, how investors are shunning the Indian economy" (Dec 5, 2025). "Nobel Prize in Economic Sciences 2025: How the winners explained economic growth" (Oct 13, 2025). Global Geopolitics and Trade: "Has the US already lost to China? Trump's policies and the shifting global order" (Dec 8, 2025). "The Great Sanctions Hack: Why economic sanctions don't work the way we expect" (Nov 23, 2025) — Based on former RBI Governor Urjit Patel's new book. "ExplainSpeaking: How Trump's tariffs have run into an affordability crisis" (Nov 20, 2025). Domestic Policy and Data: "GDP: New labour codes and opportunity for India's weakest states" (Nov 28, 2025). "ExplainSpeaking | Piyush Goyal says India will be a $30 trillion economy in 25 years: Decoding the projections" (Oct 30, 2025) — A critical look at the feasibility of high-growth targets. "GDP: Examining latest GST collections, and where different states stand" (Nov 7, 2025). International Economic Comparisons: "GDP: What ails Germany, world's third-largest economy, and how it could grow" (Nov 14, 2025). "On the loss of Europe's competitive edge" (Oct 17, 2025). Signature Style Udit Misra is known his calm, data-driven, explanation-first economics journalism. He avoids ideological posturing, and writes with the aim of raising the standard of public discourse by providing readers with clarity and understanding of the ground realities. You can follow him on X (formerly Twitter) at @ieuditmisra ... Read MoreStay updated with the latest - Click here to follow us on Instagram© The Indian Express Pvt Ltd