New Delhi, Dec 11 (NationPress) India is on the brink of transforming into a global manufacturing giant by 2047, with the aim of elevating manufacturing's contribution to the gross domestic product (GDP) from approximately 17% today to around 25%, according to a recent report.

The analysis conducted by Boston Consulting Group and Z47 pinpointed five critical sectors: electronics, defence, automotive and electric vehicles, energy, and pharmaceuticals, which could collectively create a remarkable $25 trillion industrial landscape by 2047.

It emphasized swift growth in the electronics and semiconductor industries, with India's semiconductor demand expected to soar from $33 billion in 2022 to an astounding $117 billion by 2030.

Currently, over 99% of mobile phones sold in India are produced domestically, a significant increase from just 26% in 2014–15, showcasing the effectiveness of the Production Linked Incentive initiatives.

“This isn't merely about scale; it signifies a move towards strategic self-reliance. India is evolving from mere assembly to designing, innovating, and actively participating in the global value chain,” stated Ishang Jawa, Managing Director and Partner at BCG.

The report also noted that electric vehicle sales surged from roughly 50,000 in 2016 to over 2 million by 2024, accounting for nearly 9% of the global electric vehicle stock, and underscoring a $100 billion export potential in automotive components.

“India stands at a unique crossroads to redefine its global manufacturing narrative,” remarked Natarajan Sankar, Managing Director and Partner at BCG.

He further added, “With decisive policy changes and burgeoning demand in sectors like electric vehicles and advanced electronics, India is laying down both the groundwork and the necessary momentum to excel across various industries.”

The report highlighted regional manufacturing hubs in defence, electric vehicles, and semiconductors, particularly in areas such as Noida–Chennai–Hosur and Dholera, which are vital for fostering collaborations among suppliers, shared laboratories, and logistics.

India successfully achieved 50% non-fossil power capacity five years ahead of its target, the report indicated.

It stressed the necessity of enhancing research and development, nurturing talent, reversing brain drain, cultivating world-class industrial ecosystems, and increasing participation from the private sector and startups to maintain progress and cement India's position as a global leader.

“Succeeding in advanced manufacturing and deep-tech is crucial for realizing the vision of a Viksit Bharat 2047,” asserted Sudipto Sannigrahi, Managing Director at Z47.

Sannigrahi called on policymakers to mobilize PhD talent across India and the Indian diaspora in the US, along with implementing targeted strategies to expedite revenue generation for deep-tech startups.