NEW DELHI: India is set to transform into a high-income country with a projected GDP of $23–$35 trillion by 2047, driven by sustained annual growth of 8-10 percent, according to a report by Bain & Company and Nasscom.

This will be powered by India’s demographic dividend, technological innovation and sectoral transformation, according to the report.

With nearly 200 million individuals expected to enter the workforce in the coming decades, India has a unique opportunity to drive high-value job creation and unlock significant economic potential.

Five key sectors, including electronics, energy, chemicals, automotive, and services, would act as strategic growth levers due to alignment with global trends and scalability, with the potential to address India’s unique challenges and advantages.

Rising income, a growing pool of skilled workers, and continuous improvements in infrastructure are some of the key factors that can fuel this growth, said the report.

Advances in AI-driven chip design, touchless manufacturing, and backward integration into component manufacturing and design could enhance cost competitiveness and innovation, driving the sector’s export share from 24 percent to 45 percent-50 percent by 2047 and its GDP contribution from 3 percent to 8 percent-10 percent.

India’s share of renewables in overall energy generation has the potential to rise from 24 percent in 2023 to 70 percent in 2047 backed by modernising energy infrastructure, and scaled investments in green energy. India is also likely to transition from a net energy importer to a net exporter.AA