'India to become high-income nation by 2047 buoyed by services sector'

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'India to become high-income nation by 2047 buoyed by services sector' - Business Standard

Quick Summary:

By 2047, the services sector is projected to make up 60 per cent of India's GDP, while manufacturing will account for 32 per cent, both becoming crucial drivers of economic growth, the report by Bain & Company and nasscom said.

"With nearly 200 million individuals expected to enter the workforce in the coming decades, India has a unique opportunity to drive high-value job creation and unlock significant economic potential," the report said.

India is set to become a high-income country by 2047 with a projected GDP of USD 23 trillion to USD 35 trillion, buoyed by the services sector, a report has said.