Digital Boost In Manufacturing Sector: Manufacturers To Allocate 11-15 Pc Of Investment

Recognizing technology as vital for profitability and competitiveness, Indian manufacturers aim to divert 11-15 per cent of their investment to a digital boost in the manufacturing sector, a CII study revealed on Sunday.

Areas like the Internet of Things (IoT), robotics, and big data are anticipated to receive the allocated investments.

 The CII report released on Sunday details how the Internet of Things, robotics, machine learning, and artificial intelligence are reshaping the manufacturing industry and fostering optimism and global competitiveness.

“India’s manufacturing landscape is undergoing a significant transformation, driven by the rapid adoption of innovative technologies,” said Deepak Shetty, Chairman of the Council on Manufacturing Excellence, CII.

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“By embracing these advancements, India can gain a competitive edge globally and establish itself as a manufacturing leader,” he mentioned.

Moreover, the report illuminates the industry’s lack of skill, underscoring the need for upskilling to enable the adoption of new technologies.

To address the barriers to digital boost in the manufacturing sector, the study recommended fostering public-private partnerships to establish shared technology hubs, increasing budget allocations for technology, strengthening industry-academia collaboration, and implementing supportive policies to encourage broader adoption of smart manufacturing.

“This report highlights a transformative moment for India’s manufacturing sector, where advanced technologies are reshaping processes and addressing challenges like supply chain visibility to drive industrial excellence,” said Deepak Jain, Co-Chair of the Council on Manufacturing Excellence, CII.