India will become a high-incoured country with $ 23-35 trillion GDP by 2047: Report

India will become a high-income country with GDP of $ 23-35 trillion by 2047. According to a new report by Bain & Company and NASSCOM, India’s continuous 8–10% annual growth will bring it to this point. India’s Demographic Dividend, Technology Innovation and Sectoral Transformation will make this change possible.

5 major sectors of growth

The five major areas will serve as a strategic development liver due to electronics, energy, chemicals, automotive and service global trends. The report said that rising income, increasing number of skilled workers and continuous improvement in infrastructure are some of the major factors that may promote this growth.

The report said that electronics, energy, chemicals, automotives and service sectors will play a lead role in India’s economic progress. Investing, domestic manufacturing and research and development in digital and transport infrastructure can make India a leader in global trade and future techniques.

With the hope of about 200 million persons entering the workforce in the coming decades, India has a great opportunity to promote high-value job creation and unlock significant economic capacity.

Prospects in green energy and technology

India’s renewable energy can increase from 24% to 70% in 2047 in 2023. AI-Powered Design and Digital Twin Technology can speed up India’s industrial growth.

According to the report, if the government continues to invest in digital and transport infrastructure, then India can become a Global Technology Leader.

Electronics and auto sector bounce

The report said that Auto-Component Export can reach $ 200-250 billion by 2047. Also, Electronics can emerge as a global manufacturing hub of $ 3.5 trillion by Sector 2047. By 2027, the stake in Global Value Chain of India can increase from 3% to 10%.

Ban & Co. partner Lokesh Piyik said, “Electronics is one of the areas playing an important role in this journey and is ready to emerge as a global manufacturing center to reach $ 3.5 -trillion by 2047 by 2047, which will contribute more than 20 percent to global production.”

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