New Delhi: India must transition from a net importer to an export-driven economy in key sectors such as electronics, chemicals, and energy to achieve its goal of becoming a high-income, tech-driven nation by 2047, according to a new report by Bain & Company, a global consultancy firm.
The report outlined a roadmap to help India transform into a developed economy with a projected GDP of USD 23- USD 35 trillion by 2047.
It said "India will potentially need to make a critical shift, transitioning from a net importer to a globally competitive, export-driven economy, particularly in high-impact sectors such as electronics, chemicals, and energy".
To reach this milestone, the report also mentioned that India will need to maintain a strong annual economic growth rate of 8-10 per cent. This growth will be driven by changes in major sectors, advancements in technology, and a skilled workforce ready for future demands.
Crucial for this transformation is making India more competitive in global markets. Currently, India imports more than it exports in several key sectors.
The report highlighted the need for India to strengthen its position in global trade by focusing on high-impact sectors such as electronics, chemicals, and energy. Increasing exports in these areas will be critical in reducing dependency on other countries and boosting economic strength.
The report also emphasizes the role of technology in this journey. India has the potential to become a global leader in artificial intelligence (AI), quantum technology, and digital manufacturing. These advancements could help the country move up the value chain and create new opportunities for businesses and workers.
India's large and growing workforce is another advantage. By 2047, around 200 million people are expected to enter the job market. Creating high-value jobs and increasing women's participation in the labour force to 40-50 per cent will be key to achieving the country's economic goals.
The report identifies five key sectors--electronics, energy, chemicals, automotive, and services--that will play a major role in India's future growth. These industries align with global trends and can be scaled up to meet both domestic and international demand.
"By 2047, these sectors could potentially contribute significantly to the economy. Services are expected to account for about 60 per cent of GDP; manufacturing advancements could enable positioning India as a global hub" said the report.
With the right strategies and investments, India has the potential to become a global economic powerhouse by 2047, driven by technology, exports, and a skilled workforce. (ANI)