New Delhi, Dec 11 (UNI) India aims to shift from assembly-led growth to technology-led value creation, targeting a rise in manufacturing’s share of GDP from the current 17 per cent to nearly 25 per cent by 2047, said a joint report by Boston Consulting Group (BCG) and venture capital firm Z47.
Titled “Digitising Make in India 3.0: Design-Led, Digitally Powered, Made for the World,” the study identifies priority sectors, policy gaps, and actionable pathways to elevate India into a global manufacturing powerhouse.
The report outlines an ambitious blueprint for India’s manufacturing transformation as the country advances toward its Viksit Bharat 2047 goal.
The study highlights record FDI inflows from Rs 4.22 lakh crore in FY25 and growing government initiatives such as Make in India, Atmanirbhar Bharat, and PLI schemes that are accelerating industrial expansion and innovation adoption.
The report identifies electronics and semiconductors as India’s most urgent manufacturing priority, citing a USD 3 trillion global market, foundational to AI, mobility, defence, and telecom.
It further said India’s semiconductor demand is expected to grow from USD 33 billion in 2022 to USD 117 billion by 2030.
High import dependency and global supply concentration at 75 percent of fab capacity sit in East Asia.
While India has achieved dramatic success in electronics manufacturing, 99 percent of all mobile phones sold in India are now made domestically capability gaps remain in wafers, displays, chip packaging, and high-value components.
The report calls for cluster-based OSAT expansion, upstream materials ecosystem development, and stronger domestic IP creation.
With defence spending reaching Rs 6.81 lakh crore, the sector is undergoing rapid modernisation. India has reduced arms imports by 9.3 percent and awarded 92 percent of FY25 defence contracts to domestic firms.
For the automobile sector, the report said the EV adoption has surged, with 2.08 million EVs sold in 2024, and India now accounts for 9 percent of the world’s EV stock.
“Policy momentum through PLI-Auto, PLI-ACC, and the new PM E-DRIVE is pushing domestic value-add capabilities.”
India crossed 50 percent non-fossil power capacity in 2025, achieving its climate milestone ahead of schedule. With renewable energy additions at record levels, the grid is entering a super-cycle of expansion, the report said.
The Pharmaceuticals and Chemicals remain key growth engines, as the report said, India continues to dominate global generics, producing 60 percent of the world’s vaccines. The CRDMO segment is growing at 2× the global rate, and could scale to USD 22-25 billion by 2035.
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