Tech-Driven Sectoral Growth to Power India’s $23-35 Trillion Economic Vision
India is set to become a high-income country with a projected GDP ranging from $23 trillion to $35 trillion. To achieve this, the country will need to sustain an annual growth rate of 8 to 10 percent. This growth will be driven by India’s demographic dividend, technological advancements, and sectoral transformation, as outlined in the report “India@2047: Transforming India Into A Tech-Driven Economy” a report by Bain & Company and Nasscom.
By 2047, the services sector is expected to contribute 60 percent to India’s GDP, while manufacturing will account for 32 percent, both playing key roles in driving economic expansion. Nearly 200 million people expected to enter the workforce in the coming decades, India has a unique opportunity to generate high-value job creation and unlock significant economic potential, according to the report.
Five key sectors—electronics, energy, chemicals, automotive, and services—are poised to serve as growth drivers due to their alignment with global trends and scalability. These sectors hold the potential to address India’s unique challenges while capitalizing on its strengths. Key factors fueling this growth include rising incomes, an expanding skilled workforce, and continuous infrastructure improvements.
Source : https://www.business-standard.com/economy/news/sectoral-growth-tech-to-power-india-s-23-35-trn-economic-vision-report-125021901135_1.html
