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Industry 4.0 gains momentum in India amid challenges
Industry News- Nov 19,24
A recent study by the Indian School of Business (ISB) and Plugin Alliance revealed that 54% of Indian manufacturing companies are already implementing AI and analytics to enhance cost efficiency, product differentiation, and market responsiveness.
India is steadily advancing in its adoption of Industry 4.0 technologies, with manufacturers across sectors leveraging automation, artificial intelligence (AI), and the Internet of Things (IoT) to optimise processes. The global Industry 4.0 market is expected to grow at a compound annual growth rate (CAGR) of 20% between 2024 and 2032, while India’s industrial automation market is set to expand at a CAGR of 14.26%, projected to reach $29.43 billion by 2029.
A recent study by the Indian School of Business (ISB) and Plugin Alliance revealed that 54% of Indian manufacturing companies are already implementing AI and analytics to enhance cost efficiency, product differentiation, and market responsiveness. However, challenges such as a lack of skilled workers and inadequate digital infrastructure are hindering the full-scale digital transformation of the sector.
Industry 4.0 in focus
The Fourth Industrial Revolution, or Industry 4.0, integrates cutting-edge technologies like robotics, AI, IoT, and automation into manufacturing, transforming production processes and enabling innovation. In India, these advancements are reflected in a growing Index of Industrial Production (143.4 for April-January 2024) and a Manufacturing Purchasing Managers’ Index of 56.9 as of February 2024. Capacity utilisation in manufacturing also rose to 74% in the second quarter of FY 2023-24, signalling robust industrial activity.
Challenges to overcome
The ISB-Plugin Alliance report emphasised key barriers, including the urgent need for workforce upskilling and reskilling, robust digital infrastructure, and streamlined regulations for emerging technologies. Investment hesitancy and regulatory complexities further complicate the adoption of Industry 4.0 innovations.
Focus areas and collaboration
The report highlighted focus areas such as pandemic response strategies, technological innovation, sustainability, and risk management in the digital age. The ISB-Plugin Alliance, a collaboration between Intel India and ISB’s Centre for Business Innovation, seeks to accelerate the adoption of Industry 4.0 through partnerships with large enterprises, SMEs, startups, government agencies, and other stakeholders.
By fostering knowledge exchange and collaboration, the Alliance aims to drive technological innovation and position India as a leader in the Fourth Industrial Revolution. Despite challenges, India’s manufacturing sector is poised for significant growth, fuelled by its embrace of digital transformation and Industry 4.0 technologies.
(The Hindu)
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