WHAT IS INDUSTRY 4.0 AND IS INDIAPREPARED FOR THE CHANGE?
The digitisation of various business processes would lead to cost-saving and a better experience for customer and employees.IoT and connectivity of machine to people and machine to a machine would tighten supply chain and reduce lead times.According to an analysis by McKinsey, if Indian companies adopt Industry 4.0 across functions such as manufacturing, supply chain, logistics and procurement, they can enhance their operating profits by 40% at less than 10% of the planned capital expenditure.How is India preparing for Industry 4.0?India is keen on adopting Industry 4.0 and has taken several initiatives. According to IBEF, the Government of India plans to increase the contribution of manufacturing sector to 25% of Gross Domestic Product (GDP) by 2025, from the current level of 16%. India is also prepared to face global competition by undertaking the Make in India programme. It is all set to lead the world with Smart Manufacturing.The heavy industries and public enterprises ministry are facilitating the establishment of four centres in the country to help SMEs implement Industry 4.0India’s first Smart factory is being set up at Bengaluru. This smart factory powered by data exchange in manufacturing and the Internet of Things (IoT). This Smart Factory is being developed at the Indian Institute of Science’s (IISc) Centre for Product Design and Manufacturing (CPDM) with funding from The Boeing Company.