New Delhi, Sept. 4 -- India's manufacturing sector needs to grow at a 13.1 per cent compound annual growth rate (CAGR) to reach USD 7.5 trillion by 2047, according to a KPMG report. The target is important for India to achieve its broader goal of becoming a USD 30 trillion economy by 2047.

According to the report, if the manufacturing sector continues to grow at the current rate of 7.9 per cent CAGR, it would reach only around USD 2.7 trillion by 2047, leaving a gap of about USD 4.8 trillion.

The report said manufacturing needs to expand nearly 15 times, from around USD 501 billion in 2025 to USD 7.5 trillion by 2047. This would require real growth of about 8.4 per cent and nominal annual growth of around 13 per cent.

"The central thes...