Indian companies can unlock $9.82 trillion in gross value added (GVA) by 2035 as the global economy changes quickly. According to the PwC India report, the “Make” domain which encompasses, among other industries, manufacturing and industrial production will be one of the most important domains contributing to the GVA calculus.
Analysis says, the GVA of this area alone is expected to increase from $945 billion in 2023 to about $2.7 trillion by 2035. Businesses are quickly diversifying in this situation in order to take advantage of the changing environment.
Megatrends like climate change, demographic shifts, and technological disruptions are opening up new opportunities for value creation that cut across conventional industry boundaries, according to PwC India’s research “Navigating the value shift.”
However, companies need a new strategy to determine where and how to diversify in order to capture value in motion if they are to successfully traverse this transition. According to the paper, PwC has created a domain-based framework to help with strategic decision-making in this new era.
Domains are markets where companies meet basic industrial and human requirements by extending beyond conventional sector boundaries.
CEOs in India are already reacting to these changes. Forty percent of Indian CEOs reported that their companies had entered at least one new sector in the previous five years, with half of them generating up to 20 percent of their revenue from these new ventures, according to PwC’s 28th “Annual Global CEO Survey: India perspective,” said Sanjeev Krishan, Chairperson, PwC in India.
However, companies need to go beyond ad hoc diversification if they want to maintain momentum and realize full benefit. Beyond the sector-led strategy, he said, “a domain-led lens offers a powerful way to reimagine capabilities, collaborate across ecosystems, and build future-ready business and revenue models.”
Domain-based innovation may be essential to propelling India’s inclusive, sustainable, and technologically advanced growth, since the country’s economy is expected to exceed $30 trillion by 2047.
Think of another area, ‘how we build.’ Traditional industries like real estate, construction, and building management are being supplemented by innovation spaces as technology continues to change how we create and maintain physical environments more effectively, the survey stated.
These consist of smart city infrastructure, building technology and data solutions, and sustainable, intelligent structures. Collectively, they signify a change toward a more effective, perceptive, and cohesive approach to the “Build” domain.
However, the telecom industry serves as an example of a variety of cross-domain opportunities. According to the research, there are exciting development prospects in the value pools that are developing in these new growth fields.