January 31, 2025: The Economic Survey 2024-25 along with the statistical appendix was presented in the Lok Sabha today by finance minister Nirmala Sitharaman. The Economic Survey is an annual document that is presented by the government ahead of the Union Budget to review the economy’s state.
Sitharaman in the economic survey projected India’s economy to grow between 6.3- 6.8% in FY26. The real gross value added (GVA) is also estimated to grow by 6.4% FY25. The survey mentioned thrust on grassroots-level structural reforms and deregulation to reinforce the medium-term growth potential and boost global competitiveness of the Indian economy.
According to the Economic Survey, in urban areas, the Pradhan Mantri Awas Yojana has completed over 89 lakh houses. The Real Estate (Regulation & Development) Act, 2016, ensured regulation and transparency of the Real Estate sector. As per the Economic Survey, by January 2025, over 1.38 lakh real estate projects registered, and 1.38 lakh complaints were resolved.
Citing data from PropTiger.com, the Economic Survey, mentioned that demand-supply metrics in the housing sector indicates market normalisation after a period of robust performance.
PropTiger.com data shows that in the period from July-September, launches in India’s 10 prime residential markets dipped 11% QoQ while home sales fell 16% in the same period.
Source: Economic Survey 2024-25
According to the Economic Survey housing demand in India is expected to touch 93 million units by 2036 and this survey will be prevalent across India because of expansion of metro networks, road networks and improved connectivity.
Economic survey: Industry reaction
Pradeep Aggarwal, founder & chairman, Signature Global Group and Chairman, ASSOCHAM – National Council on Real Estate, Housing and Urban Development
The Economic Survey 2025 underscores India’s economic resilience, with projected GDP growth of 6.4% for FY25 and sustained momentum across key sectors. Real estate remains a cornerstone of this growth, with over 1.38 lakh projects and nearly 96,000 agents registered under RERA, ensuring greater transparency and consumer confidence. Housing continues to be a national priority, with 1.18 crore homes sanctioned under PMAY-U and 2.69 crore rural homes completed under PMAY-G. As the government drives regulatory reforms and infrastructure expansion, the sector is set to play a pivotal role in achieving the vision of ‘Viksit Bharat 2047’—a developed and inclusive India. A strong, well-regulated real estate market will not only boost economic productivity but also enhance urbanisation, sustainability, and quality of life for millions.
Vimal Nadar, senior director & head, research at Colliers India
The economic survey has highlighted the robustness of the Indian economy driven by calibrated fiscal consolidation and stable private consumption. With upsides in the form of domestic investment and manufacturing output growth, the government expects FY26 GDP growth rate to be in the range of 6.3-6.8%. Real estate will continue to play a pivotal role and demand across asset classes is likely to expand into multiple Tier-II and Tier-III cities and economic corridors as well. All-time high credit deployment with over Rs 28 trillion outstanding housing loans as of October 2024, indicates healthy residential activity. Overall, the economic survey has outlined the need for continued infrastructure push, policy reforms and sector specific business enablers in the upcoming budget, which should help in sustaining the real estate growth momentum over the next few years.”
Yuji Kato, director & CEO, Krisumi Corporation
India’s remarkable economic trajectory has positioned it as a key player in the global business landscape. Over the years, progressive reforms and policy shifts—such as digitisation, tax restructuring, and FDI liberalisation—have enhanced the ease of doing business, attracting multinational corporations to invest and expand in the country. These initiatives have laid a strong foundation, but the next phase of growth demands deeper structural reforms to unlock India’s full potential.
As a long-standing economic partner, Japan recognises India’s immense opportunities. However, to further strengthen investor confidence, Budget 2025 could focus more on simplifying regulatory frameworks, expediting land acquisition processes, and reducing bureaucratic hurdles. A more predictable and transparent policy environment will not only accelerate foreign investments but also foster innovation, technology exchange, and industrial growth.
For Japanese businesses, India offers a strategic market with dynamic potential. By addressing operational complexities and enhancing infrastructure—especially in digital connectivity and sustainable industries—the government can create an ecosystem where global enterprises, including those from Japan, can thrive and contribute meaningfully to India’s long-term growth story. The time is right for India to solidify its position as a global investment powerhouse.
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