New Delhi, July 8 -- India is on track to lead the global economy as it continues to emerge as a powerhouse of innovation, according to a new report by PwC.

The report highlighted that the country is witnessing strong economic and industrial momentum, supported by its expanding manufacturing base and rising innovation capabilities.

"Indian organisations are entering new domains of growth-transcending traditional sector boundaries to meet fundamental human and business needs," the PWC report stated.

India's innovation performance has seen a significant improvement in 2023 with the country topping the innovation rankings among lower-middle income countries and in Central and Southern Asia.

Additionally, industrial design applications by...