Economic Survey of India 2023-24

July 22, 2024- A day ahead of the Union Budget presentation, Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2023-24, a comprehensive document detailing the current state of the Indian economy.

The Economic Survey was presented by Finance Minister Nirmala Sitharaman. The survey provides an in-depth analysis of the Indian economy, highlighting key areas such as public sector investment in infrastructure, national highway construction, railway capital expenditure, and advancements in the Jal Jeevan Mission and Space Program.

The Economic Survey was presented on Monday, July 22, 2024. The survey was tabled in the Indian Parliament. The survey is an annual document that reviews the economic developments over the past fiscal year and provides an outlook for the coming year. It aims to inform policymakers, stakeholders, and the public about the economic conditions and necessary measures for growth. The survey was prepared under the guidance of Chief Economic Advisor Anantha Nageswaran and highlights the need for higher private-sector financing and resource mobilization to sustain growth.

The Economic Survey underscores the significant role of public sector investment in funding large-scale infrastructure projects. It highlights the increased pace of national highway construction and capital expenditure on railways. The survey also notes the progress in the Jal Jeevan Mission, with a significant rise in tap water connections, and the advancements in India’s space program under ISRO, which now has 55 active space assets.

Chief Economic Advisor Anantha Nageswaran emphasized the need for India to create 80 lakh jobs per annum to sustain economic growth. He projected that India’s GDP is likely to grow at 6.5 to 7% in the current fiscal year despite global challenges.

The Economic Survey 2023-24 paints a promising picture of India’s economic trajectory, highlighting substantial public sector investments and advancements in infrastructure and space programs. However, it also calls for increased private-sector participation and job creation to maint

Mr. Prashant Sharma, President, NAREDCO

“We commend the comprehensive Economic Survey 2024 presented by Finance Minister Nirmala Sitharaman. The survey highlights significant strides in infrastructure development, which is crucial for sustained economic growth. The focus on enhancing urban infrastructure, particularly in Tier II and Tier III cities, aligns perfectly with the real estate sector’s goals of promoting balanced regional development and addressing urban migration challenges. The survey’s insights on sustainable and green construction practices resonate with our commitment to environmentally responsible development.

The survey also highlights a pivotal shift in the economic landscape with healthier corporate and bank balance sheets poised to bolster private investment. This positive trajectory is mirrored in the residential real estate market, where we are witnessing a significant uptick in household sector capital formation.

Moreover, the projected economic growth and improvement in consumer confidence will positively impact the housing market, encouraging more homebuyers to invest in real estate. We are optimistic that the policies and initiatives outlined in the Economic Survey will pave the way for a robust and resilient real estate sector, contributing significantly to the nation’s economic prosperity.”