According to a recent report by CREDAI-Liases Foras released during the New India Summit in Varanasi, the housing demand remains strong, witnessing over 19,050 RERA registrations nationwide. The residential segment dominates with 45 percent of projects, reflecting the robust demand.
Speaking at a program organized by Manthan in Hyderabad, economist Raghuram Rajan emphasized the need for accelerated growth to avoid demographic aging before economic prosperity. Rajan highlighted that if India continues its current growth rate of 6 percent per year, the nation will remain lower-middle-income until 2047. He urged faster growth to address the challenges posed by an aging population.
Rajan explained that some southern states are experiencing population growth below the reproduction rate, leading to a decline in fertility rates. This trend could trigger the aging process, posing challenges if the country does not grow faster.
In related news, the World Bank maintains its GDP growth forecast for India at 6.3 percent for the financial year 2023-24. The India Development Update highlights India's resilience amid global challenges, citing a growth rate of 7.2 percent in the fiscal year 2022-23. India emerged as one of the fastest-growing major economies, driven by robust domestic demand, significant public infrastructure investments, and a strengthening financial sector. Despite global uncertainties, the report underscores India's economic strength and positive trajectory.
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