Domains driven by human and industrial needs can unlock USD 9.82 trillion in growth opportunities by 2035: PwC India report
Mumbai: Megatrends such as climate change, demographic shifts and technological disruptions are creating new avenues for value creation that transcend traditional industry boundaries. Amid this scenario, businesses are rapidly diversifying to capitalise on the evolving landscape. However, to navigate this transformation effectively, they require a fresh approach to identify where and how to diversify in order to seize value in motion. To support this need, PwC has developed a domain-based framework designed to guide strategic-decision making in this new era.
According to PwC India’s report, ‘Navigating the value shift’, Indian businesses can unlock USD 9.82 trillion in gross value added (GVA) by 2035 by tapping into these growth domains. Domains represent markets where businesses go beyond traditional sector boundaries to address fundamental human and industrial needs. Value within these domains is created through collaboration across ecosystems and interconnected value chains. By integrating diverse economic sectors, domains open up new avenues for growth, enabling a diverse range of companies to participate and thrive.
A brief description of each domain is provided in Diagram-1 below.
Diagram-1: The nine domains of growth
“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.”
As per PwC’s study, one of the most significant domains contributing to the GVA calculus will be the ‘Make’ domain, which includes manufacturing and industrial production, amongst other sectors. The report estimates that this domain alone will expand from USD 945 billion in 2023 to nearly USD 2.7 trillion in GVA by 2035.
Consider another domain, ‘how we build.’ As technology continues to reshape the way we construct and manage built environments more efficiently, traditional sectors such as real estate, construction and building management are being complemented by innovation spaces. These include smart, sustainable buildings; building tech and data solutions; and smart city infrastructure. Together, they represent a shift towards a more efficient, intelligent and integrated approach to the ‘Build’ domain.
On the other hand, the telecommunications sector illustrates a range of cross-domain possibilities (see Diagram 2). The value pools emerging in these new growth domains represent exciting growth opportunities.
Commenting on the need for proactive reinvention, Arnab Basu, Partner and Clients & Industries Leader, PwC India added, “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 report introduces a structured framework to help organisations identify and pursue opportunities that lie beyond traditional sector boundaries. It outlines glidepaths and guardrails—strategic actions and risk mitigators—to help companies enter new domains with clarity and confidence. These include mapping ecosystems, bridging capability gaps, building intelligent foresight engines, and crafting clear domain entry and exit strategies.
Raghav Narsalay, Partner and Leader – Research and Insights Hub, PwC India said, “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.”
With India’s economy projected to reach USD 30 trillion by 2047, domain-based innovation could play a pivotal role in driving the nation’s inclusive, sustainable and tech-powered growth. PwC’s domain-based framework supported by glidepaths and guardrails offers a
robust architecture to help organisations align their reinvention efforts with long-term national objectives and business imperatives.
