Indian manufacturing culture is paving the way for a hopeful future. India is becoming the most sought-after manufacturing hub across the globe. The country has Democracy, Demography, and Demand for the growth of several manufacturing industries. Experts projected that exports of goods and commodities will be worth US $ 1 trillion by 2030.
Not only there is a vigorous demand for different manufacturing industries in India, but Foreign Direct Investment (FDI) into the Indian market looks promising, with more companies interested to invest. The future of manufacturing ethos in India looks bright and packed with more advanced technologies and innovations.
A major shift in the Indian manufacturing sector:
The manufacturing industry is undergoing major changes not seen in recent past with industry 4.0 at various levels. There is a tremendous impetus towards more modern manufacturing. The manufacturing sector in India is gradually shifting towards more automated and process-driven manufacturing, cloud computing, the Internet of Things, cyber-physical-system and many more to add – all thanks to the digital transformation which is becoming a crucial component in achieving an advantage in a fiercely competitive industry. Technology is undoubtedly sparkling creativity and innovations and increasing the efficiency and production of the manufacturing industry.
The growth of the Indian manufacturing sector:
Multiple factors contribute to making India a significant potential to engage in the national and international market – the value chains are well positioned to capitalize on India’s advantages in raw materials, manufacturing skills, and entrepreneurship. Also, the Indian manufacturing sector can well tap the four primary market opportunities – export growth, import localization, domestic demand, and contract manufacturing.
Over the next ten years, there have been investments in the core manufacturing infrastructure. Whether in terms of equipment or technological innovation, investment in this sector has majorly added to the national gross domestic product (GDP). It has taken India nearly two decades to build this ethos for scaling its manufacturing in large and complex products. India being powerful in software and information technologies is extensively using machine learning, artificial intelligence, and other forms of reality technologies to further increase its production and process efficiencies to make the manufacturing sector more competitive. The system and Government initiatives are not only pushing the existing and the potential manufacturers to be more courageous but also encouraging the start-ups to create their value in the eco-system.
The manufacturing ethos in India is adopting extensive digitalization in all aspects of manufacturing operations. The products manufactured are not only IoT-enabled, but all infrastructure to ramp up production has IoT-enabled equipment.
There is a massive improvement and growth in the realm of the core manufacturing process, material understanding, machine manufacturing, employment training, designing products, data tracking, and automation. The manufacturing ethos is making India a major manufacturing sector and a global hub for all kinds of manufacturing industries.
Government initiatives to boost the manufacturing sector in India:
Indian Government has undertaken several reforms and measures to promote the manufacturing sector and make India a favored manufacturing and investment destination. The Indian central government plans has committed to enhance the domestic growth of manufacturing industry. It involves the development of manufacturing logistics, infrastructure, and utility environments. Similarly, Samarth Udyog Bharat 4.0 is an industry 4.0 initiative under the Ministry of Heavy Industry and Public Enterprises to bring in crucial digital transformation in the manufacturing sector.
Likewise, several other projects are initiated to digitalize manufacturing and value-creation processes, and integrate, monitor, and develop the industry with advanced practices.
As we see, the manufacturing ethos in India is undergoing a massive transformation for the betterment of industries shortly.