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Key Points

India is rapidly emerging as a global innovation leader, backed by strong manufacturing expansion and cross-sector diversification. The PwC report highlights a 36.4% jump in industrial design applications, signaling rising creativity. To hit a $30 trillion economy by 2047, India's manufacturing must grow 16-fold. Startups and digital adoption are key drivers in sustaining its position as the fastest-growing major economy.

Key Points: India Set to Lead Global Economy as Innovation Powerhouse Says PwC

  • India tops innovation rankings among lower-middle income nations
  • Industrial design applications surged 36.4% in 2023
  • Manufacturing sector must grow 16x by 2047
  • Startups driving fastest-growing major economy status
2 min read

Emerging as powerhouse of innovation, India poised to lead global economy: PwC

PwC report highlights India's rising innovation and manufacturing strength, projecting dominance in the global economy by 2047.

"Indian organisations are entering new domains of growth-transcending traditional sector boundaries to meet fundamental human and business needs. – PwC Report"

New Delhi, 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.

- ANI

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Reader Comments

P
Priya S
While the report is optimistic, we must acknowledge the challenges - bureaucracy, red tape, and skill gaps still exist. The manufacturing sector growing 16 times sounds ambitious unless we improve ease of doing business at grassroots level.
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Rohit P
Jai Hind! 🚀 Our companies expanding from mobiles to finance and autos to space shows the 'jugaad' spirit combined with world-class innovation. This is what 'Atmanirbhar Bharat' looks like in action!
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Sarah B
As someone working in Bangalore's tech sector, I see this transformation daily. Indian startups are solving global problems now - from fintech to agritech. But we need more women in leadership roles to sustain this growth.
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Vikram M
The report misses mentioning how tier 2/3 cities are contributing to this innovation wave. Places like Indore, Coimbatore, and Jaipur are becoming new startup hubs with lower costs and great talent.
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Kavya N
Exciting times! But let's not forget to invest in education and R&D. Our IITs and IISc are world-class, but we need more such institutions to maintain this momentum. Quality > Quantity always.

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