India's Innovation Surge Poised To Power $30 Trillion Economy By 2047: PwC
The momentum is reflected in the surge in industrial design applications, which grew by 36.4 per cent in 2023. This surge points to a heightened focus on product innovation and the creative economy
India is poised to emerge as a global economic leader, driven by a powerful combination of innovation, industrial momentum, and cross-sector expansion, according to a new report released by PwC. The report sheds light on India's growing capacity to transcend traditional industry lines and meet evolving global needs with bold strategies and diversified growth.
PwC's findings reveal that Indian enterprises are increasingly venturing beyond the confines of their original industries. This transformation is spurred by innovation, with companies that began in manufacturing now stepping into finance, healthcare, entertainment, energy, and even the space sector. The report stated, “Indian organisations are entering new domains of growth—transcending traditional sector boundaries to meet fundamental human and business needs.”
The momentum is reflected in the surge in industrial design applications, which grew by 36.4 per cent in 2023. This surge points to a heightened focus on product innovation and the creative economy, showcasing a deepening interest in areas such as product design and advanced manufacturing.
India’s innovation prowess was particularly evident in 2023, when it led the rankings among lower-middle-income countries and within Central and Southern Asia. According to PwC, this rising performance is a result of a supportive ecosystem, policy frameworks, and the country's expanding base of skilled professionals.
Even legacy sectors like retail are evolving—some traditional players are now offering services in finance and healthcare, signalling a cultural shift toward integrated service offerings and strategic partnerships.
Massive Manufacturing Growth Needed
The report also emphasized the critical role of manufacturing in India’s long-term economic aspirations. To contribute 25 per cent to the targeted USD 30 trillion economy by 2047, India’s manufacturing output would need to grow 16-fold over the next two decades. By 2035, the Gross Value Added (GVA) under the ‘Make’ category is expected to reach nearly USD 2.7 trillion.
To achieve this scale, Indian industries must prioritize productivity, efficiency, and digital adoption. Diversification across domains will also be essential to ensure widespread value creation, PwC noted.
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Fastest-Growing Major Economy
India continues to hold the title of the fastest-growing major economy globally from 2023 through 2026. The report attributes much of this growth to the country’s dynamic startups and businesses, which it describes as key engines of national progress.
With consistent policy support and strategic investments in technology and innovation, India is well-positioned to shape the future of global economic leadership, the report concludes.
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