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India to transform into high-income country with GDP of $23–$35 trillion by 2047

India is set to transform into a high-income country with a projected GDP of $23–$35 trillion by 2047, driven by sustained annual growth of 8-10 percent, according to a report on Thursday.

This will be powered by India’s demographic dividend, technological innovation, and sectoral transformation, according to the report by Bain & Company and Nasscom.

With nearly 200 million individuals expected to enter the workforce in the coming decades, India has a unique opportunity to drive high-value job creation and unlock significant economic potential.

Five key sectors, including electronics, energy, chemicals, automotive, and services, would act as strategic growth levers due to alignment with global trends and scalability, with the potential to address India’s unique challenges and advantages.

Rising income, a growing pool of skilled workers, and continuous improvements in infrastructure are some of the key factors that can fuel this growth, said the report.

“By investing in digital and transport infrastructure, enhancing domestic manufacturing, and driving collaborative R&D, we can position India as a leader in future technologies and global trade. A multi-pronged, tech-driven approach will be key to unlocking inclusive and sustainable growth,” said Sangeeta Gupta, Senior Vice President at Nasscom.

Advances in AI-driven chip design, touchless manufacturing, and backward integration into component manufacturing and design could enhance cost competitiveness and innovation, driving the sector’s export share from 24 percent to 45 percent-50 percent by 2047 and its GDP contribution from 3 percent to 8 percent-10 percent.

from National https://ift.tt/a5CuoFI

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