PR No – 75
17th April, 2024
New Delhi
PHDCCI projects USD 34.7 trillion size of the economy by 2047: suggests 10 key enablers to become a developed economy by 2047
The Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds. India’s economy will attain the size of USD 34.7 trillion by 2047 with per capita income of USD 21000, says industry body PHDCCI.
At a disaggregated level, each sector of the India’s economy will bolster the economy on the path to “Viksit Bharat by 2047”. For our economy, sectoral value added will be 12% of Agriculture, 34% Industry and 54% Services, with share of Manufacturing in GDP at 25% by 2047, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.
India is poised to become a prominent player in the World economic ecosystem with size of the semiconductor industry at USD 750 billion, size of renewable energy at 1500 GW, and size of food processing industry will be USD 2150 billion by 2047, said Mr. Sanjeev Agrawal.
India is adopting modern practices including artificial intelligence, enhancing internet penetration, adopting World class logistic techniques among others. India’s rank will be among top 5 countries in Government AI Readiness Index, size of exports (merchandise + services) will be USD 10 trillion and India will be among top 5 countries in the Global Innovation Index by 2047, said Mr. Sanjeev Agrawal.
We have identified ten key enablers that are leading the economy to “Viksit Bharat by 2047”, said Mr. Sanjeev Agrawal. These include:
- Percolate ease of doing business at factory level. Reduce cost of doing business including costs of capital, costs of power, costs of logistics, costs of land and availability of land, costs of labor and availability of skilled labor, and costs of compliance.
- Enhanced global scalability of the promising sectors to become MNCs – – the promising sectors include Automobile Sector, Fast-Moving Consumer Goods (FMCG), FinTech, Information Technology (IT), Pharmaceutical Sector and Renewable Energy.
- Special focus to the development of semiconductor industry — India’s semiconductor industry will enhance its prominence as a leading manufacturer globally.
- Continued handholding to Startup ecosystem – to become the 2nd largest startup ecosystem in the World by 2030
- Capacity building for exports — potential 75 products to be focused to enhance export volumes in the global trade
- Reform measures for agriculture and food processing sector – – the best practices of leading states should be adopted by others
- Filling the vacant positions at the National and State levels, including Judiciary, Police, Medical and Para-medicals, Military and paramilitary and education among others
- Greater push to digital transformation – – to become top 5 ranking country in the Government AI Readiness Index by 2047
- Bolster the renewable energy segment – – to enhance the renewable energy installed capacity to 1500 GW by 2047
10.Physical infrastructure including road, rail, port, airport, education intuitions and hospitals should be focused along with targeted outcomes annually.
Major thrust needs to be laid on percolation of ease of doing business at factory level boosted by reduced cost of doing business and global scalability of the promising sectors to become MNCs including the Automobile Sector, Fast-Moving Consumer Goods (FMCG), FinTech, Information Technology (IT), Pharmaceutical Sector and Renewable Energy among others, said Mr. Sanjeev Agrawal.
The government’s strategic reforms and prudent policy measures are boosting the economy on a higher growth path. Special focus to the development of semiconductor industry is required as India’s semiconductor industry will enhance India’s prominence as a leading manufacturer globally and continued handholding to Startup ecosystem is required as India is poised to become the 2nd largest startup ecosystem in the World by 2030, said Mr. Sanjeev Agrawal.
Capacity building for exports must be focused. We have identified potential 75 products to enhance export volumes in the global trade and reform measures for agriculture and food processing sector must be strengthened, said Mr. Sanjeev Agrawal.
A key are of focus must be on filling the vacant positions at the National and State levels, including Judiciary, Police, Medical and Para-medicals, Military and paramilitary and education among others. Physical infrastructure including road, rail, port, airport, education intuitions and hospitals should be focused along with targeted annual outcomes, said Mr. Sanjeev Agrawal.
Warm Regards,
Media Division
PHD Chamber of Commerce and Industry