India could reach $9.82 trillion in economic activity by 2035: PwC report
The PwC report, Navigating the Value Shift, estimates that Indian businesses can unlock $9.82 trillion in gross value added (GVA) by 2035 by tapping into about nine growth domains. As per the report, total GVA of India will grow from $ 3.39 trillion in 2023 to 9.82 trillion in 2035, that is a CAGR of 9.27%.
GVA is essentially a measure of the value of goods and services produced in the economy and is an indicator of economic performance and
productivity
used to estimate GDP after adjusting for taxes and subsidies.
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The report introduces a new framework that focuses on 'domains' or broad areas of human need such as how we live, move, care, build and power society.
The report added that these domains reflect how value is being created in an economy and is shaped by climate change, demographic shifts and technological disruption. Each domain brings together multiple industries and encourages cross-sector collaboration to deliver integrated solutions, the PwC report added.
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'India CEOs are already responding to these shifts. In PwC's 28th Annual Global CEO Survey: India perspective published 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,' said Sanjeev Krishan, Chairperson, PwC in India. 'But to sustain momentum and unlock full value, businesses must move beyond ad hoc diversification. A 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.'
The report also identified nine domains, including how we make, how we build, how we care and how we move. Among these, the 'How we make' domain, which includes manufacturing and industrial production could be one of the biggest contributors and has a potential to grow from $945 billion in 2023 to about $2.7 trillion in GVA by 2035. This growth is expected to be driven by digital innovation, automation and the growing emphasis on advanced manufacturing.
Another significant domain is 'How we build,' which is undergoing rapid transformation as technology reshapes construction, real estate and infrastructure. Traditional sectors are being augmented by smart buildings, sustainable materials and data-driven management tools, reflecting a shift toward more intelligent, efficient and integrated built environments.
Arnab Basu, Partner and Clients & Industries Leader, PwC India said, "India's growth ambition is closely tied to its ability to innovate across domains. We are seeing a bold push from Indian enterprises to lead in newer markets—whether through digital reinvention, advanced manufacturing or sustainable infrastructure. What's needed now is an intentional, insight-led strategy to scale these efforts while keeping resilience and trust at the centre.'
The telecommunications sector illustrates how domain-based thinking can open up multiple pathways for growth. Beyond connectivity, telecom companies are supporting smart mobility, enabling telehealth and wearable devices, securing food
supply
chains through blockchain authentication, and linking broadband networks with energy infrastructure. These applications cut across several domains, creating new value pools through ecosystem collaboration.
To help businesses navigate this shift, the report outlines a structured framework that includes 'glidepaths and guardrails'—strategic steps and risk mitigators for entering new domains. These include mapping ecosystem partners, bridging capability gaps, setting up intelligent foresight engines and developing clear entry and exit strategies.
'In an environment where businesses are constantly seeking clarity on where to play and how to play, our research offers both strategic direction and a framework for them to engage creatively with growth opportunities they may not have necessarily identified,' said Raghav Narsalay, Partner and Leader – Research and Insights Hub, PwC India.
The estimates in the report are based on economic modelling using the International Standard Industrial Classification (ISIC), and draw from data sources including the IMF, RBI and the IIASA Shared Socioeconomic Pathway 2 (SSP2). Sectors were mapped to domains using input-output tables to assess where they align most strongly and how value flows between them.
With India targeting a $30 trillion economy by 2047, PwC's domain-based approach suggests that companies who align with these human and industrial needs—and collaborate across sector lines—will be best positioned to drive and benefit from the country's next phase of inclusive and sustainable growth.
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