India @2047: Transforming India into a Tech-Driven Economy - NASSCOM Report
This report presents a strategic roadmap detailing how India can evolve into a high-income nation with an anticipated GDP ranging from $23 trillion to $35 trillion by 2047.
Key Highlights of the Report:
Sustained GDP Growth: The country is projected to experience GDP growth of around 8% to 10%, driven by various factors such as an export-led economy and a diverse workforce.
Sectoral Shift: Services and manufacturing are expected to be the primary drivers of India's growth, with growth rates of 10% for these sectors, while agriculture will grow at around 6%.
Renewable Energy: India's share of renewable energy in total energy generation is projected to increase to 70% by 2047, up from 24% in 2023.
Key Enabling Sectors:
Electronics: The sector will focus on AI-driven product simulation in the short term and the design of quantum computers and brain-inspired neuromorphic chips in the long term.
Energy: Investment in microgrids and small modular reactors (SMRs) will drive the energy sector forward.
Chemicals: AI-driven molecular design and customized formulations based on customer needs will be key innovations, similar to China's consolidation of manufacturing resources into chemical parks.
Automotive: The automotive industry will undergo a major transformation with the shift to electric vehicles, solid-state batteries, and electrification.
Services: Key areas like finance and banking (via blockchain-enabled transactions) and healthcare (through immersive tele-presence treatment) will witness significant advancements.
Key Recommendations:
For the Government: Focus on developing export-oriented infrastructure and pursuing India-centric trade agreements with global groups like ASEAN and the EU.
For Corporates: Invest in creating a foundational layer integrated with the latest technologies. For instance, incorporating modern systems on factory floors for real-time data management.
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