New Delhi
Indian manufacturers are poised to allocate 11-15% of their budgets toward smart technologies over the next two years, according to a study on Sunday. This marks a significant leap from the current allocation of under 10%, as companies increasingly recognize the role of digital transformation in enhancing profitability and global competitiveness.
The study, titled "Manufacturing Competitiveness Study," identifies key investment areas such as the Internet of Things (IoT), robotics, artificial intelligence (AI), and machine learning (ML). High-capital sectors like semiconductors, aerospace, and automotive are spearheading this shift, while traditional industries like textiles and food processing are gradually adopting these innovations.
“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 at CII. He emphasized that these advancements could position India as a global manufacturing leader.
The report also underscores the pressing need for workforce upskilling to bridge skill gaps and facilitate seamless adoption of advanced technologies. It recommends fostering public-private partnerships, establishing shared technology hubs, and strengthening industry-academia collaboration to accelerate this transition.
Deepak Jain, Co-Chair of the Council on Manufacturing Excellence, noted, “This transformative moment addresses challenges like supply chain visibility while reshaping manufacturing processes to achieve industrial excellence.”
As India embraces smart technologies, the move is expected to optimize productivity, spur innovation, and bolster its global competitiveness in manufacturing.