New Delhi [India], July 8 : India is on track to lead the global economy as it continues to emerge as a powerhouse of innovation, according to a new report by PwC.
The report highlighted that the country is witnessing strong economic and industrial momentum, supported by its expanding manufacturing base and rising innovation capabilities.
"Indian organisations are entering new domains of growth-transcending traditional sector boundaries to meet fundamental human and business needs," the PWC report stated.
India's innovation performance has seen a significant improvement in 2023 with the country topping the innovation rankings among lower-middle income countries and in Central and Southern Asia.
Additionally, industrial design applications by Indian companies grew by 36.4 per cent in 2023, indicating a rising interest in product design, creative industries, and manufacturing.
The report also noted that learning from global success stories, Indian firms are increasingly breaking traditional industry boundaries. Some companies that started with manufacturing mobile phones have expanded into finance, healthcare, and entertainment.
Others have moved from making automobiles to entering sectors like space, energy, and communication.
Even traditional retailers are now offering services in healthcare and financial sectors, showcasing the country's bold innovation and strategic ecosystem partnerships
The report projected that India's manufacturing sector needs to grow 16 times over the next 22-23 years to contribute 25 per cent to the country's projected USD 30 trillion economy by 2047.
It also stated that the Gross Value Added (GVA) under the 'Make' domain is expected to expand significantly to nearly USD 2.7 trillion by 2035. This growth reflects the central role that manufacturing is expected to play in India's long-term economic aspirations.
To achieve this transformation, the report mentioned that Indian businesses must focus on enhancing productivity and efficiency by adopting digital technologies. At the same time, they must diversify and explore opportunities in other domains to ensure broader value creation.
The report also highlighted India's status as the world's fastest-growing major economy for four consecutive years from 2023 to 2026. Indian startups and businesses have played a vital role in this growth, acting as engines of the nation's progress.