Indian Manufacturers to Invest 11-15% of Budgets in Smart Technologies Over Next Two Years: CII
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New Delhi, Dec 29 (NationPress) The Indian manufacturing industry is preparing to significantly enhance its investments by allocating 11-15% of their budget towards the adoption of smart technologies, aimed at facilitating digital transformation in the next two years, as per a study conducted by CII on Sunday. A majority of manufacturers acknowledge that embracing technology is a key factor in enhancing profitability and competitiveness.
Investment increases are anticipated in sectors such as the Internet of Things (IoT), robotics, and Big Data.
"Current investment levels are relatively low, with many firms devoting less than 10% of their budgets. However, a transition towards a higher investment rate of 11-15% is projected within the next two years," stated the 'Manufacturing Competitiveness Study'.
"The manufacturing landscape in India is experiencing a notable transformation, fueled by the swift adoption of innovative technologies," remarked Deepak Shetty, Chairman of the Council on Manufacturing Excellence, CII.
This report delves into the technological revolution that is redefining manufacturing, emphasizing that smart technologies are crucial for enhancing productivity and operational efficiency.
"By adopting these advancements, India can secure a competitive advantage on the global stage and position itself as a leader in manufacturing," he added.
The report highlighted how state-of-the-art technologies such as IoT, artificial intelligence (AI), machine learning (ML), robotics, and automation are transforming the manufacturing sector, promoting optimization, innovation, and international competitiveness.
High-capital industries, including semiconductors, aerospace, and automotive, are at the forefront of this technological adoption, while traditional sectors such as textiles and food processing are progressively moving towards digitalization.
Moreover, the report emphasizes the pressing need for workforce upskilling to close the skills gap and facilitate the seamless integration of advanced technologies.
To overcome existing challenges, the study advocates for the establishment of public-private partnerships to create shared technology hubs, boosting budget allocations for technology, enhancing collaboration between industry and academia, and implementing supportive policies to promote wider adoption of smart manufacturing.
"This report signifies a pivotal moment for India's manufacturing sector, where advanced technologies are transforming processes and tackling challenges such as supply chain visibility to achieve industrial excellence," stated Deepak Jain, Co-Chair of the Council on Manufacturing Excellence, CII.
