By India News Newsdesk
New Delhi, July 6 (IANS) As the global economic landscape evolves rapidly, Indian businesses can unlock $9.82 trillion in gross value added (GVA) by 2035, according to a new report.
As per the PwC India study, one of the most significant domains contributing to the GVA calculus will be the 鈥楳ake鈥 domain, which includes manufacturing and industrial production, among other sectors.
The report estimates that this domain alone will expand from $945 billion in 2023 to nearly $2.7 trillion in GVA by 2035.
The PwC India鈥檚 report, 鈥楴avigating the value shift鈥, said mega trends such as climate change, demographic shifts and technological disruptions are creating new avenues for value creation that transcend traditional industry boundaries.
Amid this scenario, businesses are rapidly diversifying to capitalise on the evolving landscape.
鈥淗owever, to navigate this transformation effectively, they require a fresh approach to identify where and how to diversify in order to seize value in motion. To support this need, PwC has developed a domain-based framework designed to guide strategic-decision making in this new era,鈥 the report mentioned.
Domains represent markets where businesses go beyond traditional sector boundaries to address fundamental human and industrial needs.
鈥淚ndia CEOs are already responding to these shifts. In PwC鈥檚 28th 鈥楢nnual Global CEO Survey: India perspective鈥, 40 per cent of India CEOs stated that their companies have entered at least one new sector in the past five years, with half of them generating up to 20% of their revenue from these new ventures,鈥 said Sanjeev Krishan, Chairperson, PwC in India.
But to sustain momentum and unlock full value, businesses must move beyond ad hoc diversification.
鈥淎 domain-led lens that goes beyond the sector-led approach provides a powerful way to reimagine capabilities, collaborate across ecosystems, and build future-ready business and revenue models,鈥 he mentioned.
With India鈥檚 economy projected to reach $30 trillion by 2047, domain-based innovation could play a pivotal role in driving the nation鈥檚 inclusive, sustainable and tech-powered growth.
鈥淐onsider another domain, 鈥榟ow we build.鈥 As technology continues to reshape the way we construct and manage built environments more efficiently, traditional sectors such as real estate, construction and building management are being complemented by innovation spaces,鈥 the report noted.
These include smart, sustainable buildings; building tech and data solutions; and smart city infrastructure. Together, they represent a shift towards a more efficient, intelligent and integrated approach to the 鈥楤uild鈥 domain.
On the other hand, the telecommunications sector illustrates a range of cross-domain possibilities. The value pools emerging in these new growth domains represent exciting growth opportunities, said the report.