India on track to surpass US as second-largest economy by 2040: Report
Emphasising an ecosystem approach for value chain resilience, the report highlights India's ascendancy in the global electronics market, particularly in mobile phones, consumer electronics, IT hardware, and electronic components, which account for over 70% of the nation’s domestic manufacturing output.
Sanjeev Krishan, Chairperson, PwC in India said,As the global landscape evolves, India stands at a pivotal juncture to redefine its role in the global electronics supply chain. Through strategic collaboration, innovation, and conducive policy environment that focuses on inclusive growth, India can seize the immense opportunities ahead to become a resilient and competitive electronics manufacturing powerhouse."
Mohammed Athar, Partner and Leader Industrial Development and Investments Promotion, PwC India added, «The ESDM sector harbours immense growth potential and is pivotal for manufacturing-led growth in India. Achieving mineral security, targeted technological investments, and bolstering R&D, infrastructure, and human capital are essential for sustainable growth,» notes Saif, underlining the strategic imperatives for fortifying India's ESDM sector."
Highlighting the strategic significance of policy reforms, the report delineates short-term and long-term recommendations to stabilise and energise the ESDM sector. In the short term, it emphasises the need to clarify the scope of policy support post-PLI scheme and address non-tariff barriers, such as complex customs and licensing regulations, which are vital for
