India on track to become high-income nation by 2047

New Delhi

India is projected to achieve high-income status by 2047, with an estimated GDP between $23 trillion and $35 trillion, driven mainly by the services and manufacturing sectors, according to a report by Bain & Company and Nasscom. By then, services will contribute 60% to the GDP, while manufacturing will account for 32%, both playing a major role in economic expansion.

Workforce and Technology Transformation

With 200 million individuals expected to join the workforce, India has an opportunity to create high-value jobs and boost economic potential. A sectoral technology roadmap will be crucial for this transformation. AI-driven chip design, touchless manufacturing, and backward integration in component manufacturing could improve cost efficiency and drive exports. The manufacturing sector’s export share is expected to rise from 24% to nearly 50% by 2047, increasing its GDP contribution from 3% to around 10%.

Renewable Energy and Automotive Growth

India's renewable energy share in total energy production is projected to rise from 24% (2023) to 70% (2047). The auto-component export sector is also expected to reach $200-250 billion, fueled by a shift towards EVs and ICE market expansion.

Challenges and Strategic Focus

A workforce shortfall of 50 million by 2030 highlights the need for STEM education and skill development programs. Increasing backward integration and local manufacturing can help reduce import dependency. Public-private collaboration in AI, green energy, and R&D investment will accelerate innovation and strengthen India's position in global trade.