Gurgaon drives Haryana’s growth graph

Gurgaon is the leading contributor towards Haryana's economic development, say industry experts.

According to information provided by research firms such as the Associated Chambers of Commerce and Industry of India

(ASSOCHAM) and CRISIL Research, the city accounted for 23% of the total tax worth Rs 8,044 cr realised from 1.7 lakh assesses under the Haryana VAT Act 2003 during 2009-10. Gurgaon also accounted for 7% of the total tax realised under the Central Sales Tax Act 1956 with a share of Rs 285 cr of the total Rs 4,063 cr.

"Gurgaon accounts for a sizeable proportion of the total number of large, medium and small units operating throughout Haryana, total investment made in these units and employment generated by these units, thereby making the city as one of India's fastest growing commercial hubs," said D.S. Rawat, secretary general of ASSOCHAM.

According to an analysis done by ASSOCHAM, Gurgaon also accounted for 15% of the total tax collected under the Passenger and Goods Tax Act 1952 with a share of about Rs 51.88 cr.

Over 2.93 lakh people were employed in Haryana's organised private sector in 2009-10 and Gurgaon accounted for about 30% of the total workforce with over 86,200 workers.

Experts believe that by the end of this decade, Gurgaon will develop as an international financial platform to serve India's growing needs and increase its voice in global financial markets. High infrastructural growth with vast pool of IT and ITeS industries, investor-friendly policies, and highly skilled IT labour force will help the city prosper.

Sprawling shopping malls, skyscrapers comprising commercial and residential complexes together with modern infrastructure are also some factors contributing to Gurgaon's growth.

"Gurgaon accounts for a significant share of 52% of NCR's upcoming commercial office space. The percentage of planned commercial office space supply coming up in other parts in NCR will be Greater Noida with 18%, Noida with 16%, New Delhi with 6%, Faridabad with 5% and Ghaziabad with 3%," said Sudhir K. Nair, head customised research, from CRISIL Research.

Haryana also attracted 73 Foreign Direct Investment (FDI) projects worth about Rs 9,500 cr between April 2005 and December 2010 and Gurgaon accounted for about 80% of this FDI with a share of 38 projects worth over Rs 7,300 cr.

23 October 2011 in The Sunday Guardian.