Economic Survey 2024 Report: On the very first day of the Monsoon Session and a day before the budget 2024-25, Finance Minister Nirmala Sitharaman presented the economic survey report 2024 in the lower house of parliament. The survey report has revealed several details including the GDP growth rate in the financial year, next year's growth projection, and sector-wise growth estimates. The Economic Survey Report 2024 projected a positive outlook for the real estate sector, emphasised infrastructural growth for the tourism industry, and a boost in the aviation sector in the coming year.

Below, we have listed what Economic Survey 2024 projects for various sector.

Also Read: Economic Survey 2024: India's Real GDP Grew At 8.2% In FY 24, Growth Projected At 6.5 To 7%

Economic Survey Projects Positive outlook for real state sector

The Economic Survey Report 2024 has projected a positive outlook for the real estate sector. It anticipated that housing demand would rise on account of rapid urbanization. However, the report issued concern over legacy stalled projects and described it as a "challenge".

"Real estate and ownership of dwellings have accounted for over seven percent of the overall GVA (gross value added) in the past decade, highlighting their integral role in the economy," the survey said.

Travel and Tourism sector need to work on infrastructure: Economic survey

As per the economic survey report, India needs to grab the opportunity that arises around the tourism sector, which constitutes a relatively low-hanging fruit in terms of job creation due to the rise of AI, and the development of a challenging environment around protectionism and supply concerns.

India's tourism industry showed positive signs of revival post-pandemic as it attracted over 92 lakh foreign tourist arrivals in 2023, which is a 43.5 percent increase YoY.

the Economic Survey 2023-24 emphasises the requirement for improvements in infrastructure and services in tourism and it has also stressed to development skilled workforce in the sector, Citing the World Economic Forum's (WEF) Travel and Tourism Development Index (TTDI) 2024.

Government to allocate 5% USOF to telecom sector

The Economic Survey 2023-24, tabled in Parliament on Monday, said the government has decided to allocate 5 percent of the Universal Services Obligation Fund (USOF) for research and development of telecom technology.

Currently, the government has a corpus of about Rs 80,000 crore collected under the USOF, now named the Digital India Fund.

Aviation industry to see massive growth: Economic Survey

The Economic Survey 2023-24 on Monday said India's aviation industry is on the verge of unprecedented growth, and the focus should be on improving the efficiency and viability of airlines while ensuring environmental sustainability.

The civil aviation sector is fuelled by rising demand, increased economic activity, tourism, high disposable income, favorable demographics, and greater penetration of aviation infrastructure.

India is the third-largest domestic aviation market with the airport registering a 15 percent year-on-year growth in total air passengers handled in FY24 to 376 million.

Pharma sector needs skill upgradation: Report

The Economic Survey 2023-24, tabled in Parliament on Monday, said the domestic pharma industry needs skill upgradation, innovation, and a robust supply chain, with the segment expected to reach USD 130 billion in size by 2030.

The Indian pharma market is currently valued at around USD 50 billion and is the third-largest in the world by volume.

The survey said the pharma industry is expected to reach USD 130 billion by 2030. The next phase of growth in pharma requires skill upgradation, innovation, and use of technology, and the establishing of a robust supply chain.

India needs to create 78 lakh jobs every year

According to the Economic Survey 2023-24, the Indian economy needs to generate an average of about 78.5 lakh jobs annually in the non-agricultural sector by 2030 to meet the growing workforce needs.

The survey, tabled in Parliament on Monday, provided a broad estimate of the number of jobs the economy will create.

Also Read: Economic Survey 2023-24: Key Takeaways On GDP, Inflation, Unemployment And More

(With Agencies Input)