According to the World Economic Forum (WEF), India's manufacturing sector has grown by over seven percent annually on average in the past three decades and accounts for 16-20 per cent of India's GDP at present.
A recent report by McKinsey & Company, states that, if Indian firms adopt Industry 4.0 across manufacturing, supply chain, logistics and procurement, they can boost profits by 40 per cent at less than 10 per cent of the planned capital expenditure. Hence, going forward, Indian companies will have to continuously explore and look for new exponential breakthroughs to succeed and thrive in the digitally disruptive market. Enterprise leaders will also have to re-imagine the ecosystem and drive differentiated capabilities, new business models and revenue streams while upskilling the talent for shaping the future. While on a path of advancements, it is of utmost importance for companies to develop sustainable model of manufacturing practices for better tomorrow.
With the Indian manufacturing sector aiming to reach $ 1 trillion by 2025, the question is: Are we ready to embrace the future? The “Cover Story” attempts to answer this query as industry experts deliberate on ways and means to make India a global hub for manufacturing and R&D.
They also discuss strategies to be adopted by Indian manufacturing industry to overcome challenges and emerge winner. Read on...