New Delhi: India is poised to become a global industrial powerhouse by 2047, with manufacturing’s share of gross domestic product (GDP) targeted to rise from about 17 per cent now to roughly 25 per cent, a report showed on Thursday.
The report from Boston Consulting Group and Z47 identified electronics, defence, automotive and electric vehicles, energy and pharmaceuticals as five sectors that could anchor a $25 trillion industrial opportunity by 2047.
It highlighted rapid expansion in electronics and semiconductors, with India’s semiconductor demand projected to grow from $33 billion in 2022 to $117 billion by 2030.
Over 99 per cent of mobile phones sold in India are now domestically produced, up from 26 per cent in 2014–15, reflecting the impact of Production Linked Incentive schemes, the firm noted.
“This is not just about scale; it’s about strategic self-reliance. India is no longer just assembling; it is designing, innovating, and integrating into the global value chain,” said Ishang Jawa, Managing Director and Partner at BCG.
Electric vehicle sales rose from about 50,000 in 2016 to over 2 million in 2024, representing roughly 9 per cent of the global EV stock, the report said, highlighting a $100 billion export opportunity in auto components.
“India has an unprecedented opportunity to redefine its global position in manufacturing,” said Natarajan Sankar, Managing Director and Partner at BCG.
“With bold policy moves and accelerating demand in areas like EVs and advanced electronics, India is building both the foundation and the forward momentum to lead across sectors,” he added.
Regional manufacturing clusters across defence, EV, and semiconductors in areas such as Noida–Chennai–Hosur and Dholera were cited by the firm as catalysts for co location of suppliers, shared labs and logistics.
India achieved 50 per cent non-fossil power capacity five years ahead of target, the report noted.
The report stressed the need for scaling R&D and design, strengthening talent and reverse brain drain, developing world class cluster ecosystems and deepening private sector and startup participation to sustain momentum and convert policy into lasting global leadership.
“Winning in advanced manufacturing and deep-tech is essential to realising the vision of Viksit Bharat 2047,” said Sudipto Sannigrahi, Managing Director at Z47.
Sannigrahi urged the policy makers to mobilise PhD talent across India and the Indian diaspora in the US, and with targeted policies that help deep-tech startups reach revenue faster.
(IANS)
