Growing in leaps! India GVA could hit $9.82 trillion by 2035, up from $3.39 trillion in 2023, says PwC report
India's economy could grow leaps and bounds in the coming years, estimates PwC India in a new report. The analysis projects India's total GVA to increase from $3.39 trillion in 2023 to $9.82 trillion in 2035, representing a CAGR of 9.27%.
GVA or Gross Value Added serves as a measurement of the economy's goods and services production value, functioning as an economic performance and productivity indicator used in GDP calculations after tax and subsidy adjustments.
According to the report, Indian business could create economic value worth $9.82 trillion by shifting from conventional sector-specific approaches to addressing core human and industrial requirements.
The PwC report titled 'Navigating the Value Shift' indicates that Indian companies can achieve $9.82 trillion in GVA by 2035 through engagement in nine growth domains, according to ET.
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The analysis presents an innovative framework centred on 'domains', which encompass broad categories of human requirements, including societal living, movement, care, construction and power needs.
These domains, as noted in the report, demonstrate value creation in the economy whilst being influenced by climate change, demographic evolution and technological advancement.
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The PwC report states that each domain incorporates multiple industries and promotes inter-sector cooperation for comprehensive solution delivery.
Business leaders in India are actively adapting to market transformations. According to PwC's 28th Annual Global CEO Survey: India perspective released in January 2025, "40% 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," notes Sanjeev Krishan, Chairperson, PwC in India according to ET.
He emphasises that organisations need to adopt a structured approach to diversification, focusing on domain-specific strategies rather than sector-based methods to enhance capabilities, foster ecosystem partnerships and develop sustainable business models.
The analysis highlights nine distinct domains, encompassing various aspects of production, construction, healthcare and transportation. The manufacturing and industrial production segment, categorised under "How we make", could emerge as a significant contributor, with potential growth from $945 billion in 2023 to approximately $2.7 trillion in GVA by 2035.
This expansion is anticipated to be supported by technological advancements, automated processes and increased focus on sophisticated manufacturing techniques.
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The construction, real estate, and infrastructure sectors are experiencing substantial changes due to technological advancements. The integration of intelligent buildings, environmentally conscious materials, and analytics-based management systems demonstrates the evolution towards sophisticated and streamlined built environments.
The telecommunications industry exemplifies the advantages of domain-oriented approaches in fostering development. Telecommunications firms have expanded beyond basic connectivity services, now supporting various initiatives including connected transport, healthcare technology applications, supply chain verification through distributed ledger technology, and the integration of communications networks with power infrastructure.
These diverse applications generate additional revenue streams through collaborative partnerships.
A structured framework featuring "glidepaths and guardrails" has been presented in the report to assist organisations in their transition into emerging sectors. The framework encompasses strategic initiatives including ecosystem partner identification, addressing capability shortfalls, establishing predictive intelligence systems and formulating precise market entry-exit protocols.
The report's projections utilise economic models based on the International Standard Industrial Classification (ISIC), incorporating data from the IMF, RBI and the IIASA Shared Socioeconomic Pathway 2 (SSP2). The analysis employs input-output matrices to map sectors to domains, revealing value flow patterns and strongest alignments.
As India aims to achieve a $30 trillion economy by 2047, PwC's domain-centred analysis indicates that organisations aligning with fundamental human and industrial requirements, whilst fostering cross-sector partnerships, will be optimally positioned to contribute to and benefit from the nation's forthcoming phase of balanced and sustainable development.
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