Indian manufacturers see technology adoption as key to profitability, yet allocate less than 10% of budgets

Most producers recognise expertise adoption as a important driver of profitability and competitiveness, however present investments stay modest, with many allocating lower than 10 per cent of their budgets, acknowledged a Manufacturing Competitiveness Examine of Confederation of Indian Trade (CII). Nonetheless, the report added {that a} shift in the direction of increased investment–targeting 11-15 per cent of budgets–is anticipated within the subsequent two years, notably in Web of Issues (IoT), robotics, and Huge Information.

Challenges similar to excessive prices, unclear Return on Funding, and the mixing of legacy techniques persist, particularly for small and medium enterprises (SMEs), it mentioned.

Moreover, the report underscores the pressing want for workforce upskilling to bridge the abilities hole and allow seamless adoption of superior applied sciences.

The Confederation of Indian Trade (CII) launched Manufacturing Competitiveness Examine, specializing in the transformative affect of good applied sciences on India’s manufacturing sector.

The report, titled ‘Smart Manufacturing: Unlocking India’s Potential,’ highlights the sector’s ongoing digital transformation and its important position in reaching the formidable aim of accelerating the manufacturing GDP share to 25 per cent within the close to future.The report showcases how cutting-edge applied sciences such because the Web of Issues (IoT), Synthetic Intelligence (AI), Machine Studying (ML), robotics, and automation are reshaping the manufacturing panorama, driving optimization, innovation, and international competitiveness. Excessive-capital industries like Semiconductors, Aerospace, and Automotive are main the cost in adopting these applied sciences, whereas conventional sectors like Textiles and Meals Processing are regularly transitioning in the direction of digitalization.To handle these obstacles, the research recommends fostering public-private partnerships to determine shared expertise hubs, growing finances allocations for expertise, strengthening industry-academia collaboration, and implementing supportive insurance policies to encourage broader adoption of good manufacturing.

Talking in regards to the report, Deepak Shetty, Chairman of the Council on Manufacturing Excellence, CII and CEO & Managing Director, JCB India Restricted, mentioned, “India’s manufacturing panorama is present process a big transformation, pushed by the speedy adoption of revolutionary applied sciences.”

Deepak Jain, Co-Chair of the Council on Manufacturing Excellence, CII and Chairman, Lumax Group, mentioned, “This report highlights a transformative second for India’s manufacturing sector, the place superior applied sciences are reshaping processes and addressing challenges like provide chain visibility to drive industrial excellence.”