New Delhi, Dec 16 Frontier technologies -- including artificial intelligence and machine learning (AI/ML), robotics, digital twins, 3D printing, and advanced materials -- could together add over $1.1 trillion to India's manufacturing GDP by 2047, a report has said.
AI/ML can play a significant role in AI-driven predictive safety systems in railways to prevent failures before they occur, and integration of AI-algorithms to fine-tune and optimise pharma API productions.
According to Ionic Wealth's report, Quantum Computing will have a use case in integrating Quantum radar systems to detect stealth aircraft in defence, leveraging quantum technologies to arrive at optimal drug formulation, and energy optimisation models, including grid balancing.
3D printing has the potential to be used in manufacturing lightweight aerospace parts, hypersonic engine components, prototyping and rapid prototyping of complex and advanced equipment.
However, if the country fails to adopt frontier technologies in the high-impact sectors, but will also encounter a potential loss in additional manufacturing GDP to an extent of $270 billion by 2035 and $1 trillion by 2047, the report noted.
According to the report, sectors like next-gen e-commerce to renewable energy could drive $1.4 trillion–$1.9 trillion in GDP growth by 2035, shaping the nation’s economic future.
At the same time, the growth in industrial capex over the next decade will be driven by emerging sectors, with production-linked incentive (PLI) and new industries contributing 27 per cent of total capex, highlighting the rising importance of innovation and sustainability in India’s industrial landscape.
Factors such as the implementation of the labour code, GST rationalisation, and easing of foreign direct investment (FDI) norms in various sectors, along with investment commitments from major global tech giants, are contributing to the nation's growing manufacturing sector.
"The growth in industrial capex over the next decade will be driven by emerging sectors, with PLI and new industries contributing 27 per cent of total capex, highlighting the rising importance of innovation and sustainability in India’s industrial landscape," the report highlighted.
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