Tech to Drive India’s Mfg Growth

Majority of Indian manufacturers are embracing technology as a catalyst of future profitability and global competitiveness. However, most of the companies are allocating less than 10% of their budgets to technology, according to a study by the Confederation of Indian Industry (CII).

India’s manufacturing sector is going through a transformation. This transformation can support the goal of increasing manufacturing’s contribution to India’s gross domestic product to 25% in the next few years, according to the report titled ‘Smart Manufacturing: Unlocking India’s Potential’.

By embracing these advancements, the country can gain a competitive edge globally and establish itself as a manufacturing leader.

While high capital industries like semiconductors, aerospace and automotive are leading the way in adopting advanced technologies, traditional sectors like textiles and food processing including wood panel industries are taking longer to embrace digitalisation, it added.

The manufacturing sector is undergoing a transformative moment, where advanced technologies are reshaping processes. However, the report also outlined several barriers to technology adoption.