New Delhi
A report on Friday reveals that the adoption of ‘Industry 5.0’ could lead to a 6.42% increase in revenues for Indian manufacturers over the next two years. This shift is expected to enhance sustainability and resilience within the sector.
The research, conducted by PwC, highlights that over 90% of Indian manufacturers are focusing on sustainable practices to achieve a two- to three-fold rise in profits within the next three to five years. Specifically, 93% of manufacturers are leveraging Industry 5.0 to integrate sustainable methods and drive revenue growth.
Additionally, more than half of domestic manufacturers plan to invest in sustainable practices this year, aiming to utilize digital technologies for renewable energy adoption and improved energy efficiency. Furthermore, 52% of top executives are directing funds towards fostering a culture of lifelong learning within their organizations.
Sudipta Ghosh, Partner and Industrial Products Leader at PwC India, emphasized that Industry 5.0 marks a pivotal moment for manufacturing, fostering a collaboration between humans and advanced technologies like artificial intelligence (AI), robotics, and the Internet of Things (IoT). Companies that accelerate their adoption of these technologies will gain a competitive advantage, essential for building a sustainable future.
The report also indicates that manufacturers estimate a potential revenue loss of 4.37% in FY24 due to inadequate maturity in Industry 5.0 capabilities. Notably, in sectors such as cement and industrial goods, 95% of manufacturers plan to invest in real-time inventory tracking in the coming years, with industries like chemicals and textiles expected to see significant revenue growth, potentially exceeding 7%.
