Industry 4.0 necessary to hike mfg share in GDP: experts
Government is aiming to increase the share of manufacturing to 25 per cent of GDP from the present 17 per cent.
Visakhapatnam: Indian industry can not shy away from adopting Industry 4.0 and the country needs to focus on using green technologies and best global practices to increase the share of manufacturing in GDP, experts say.
The government is aiming to increase the share of manufacturing to 25 per cent of GDP from the present 17 per cent, with a view to creating millions of jobs and pushing the country's economic growth.
"To achieve this target, Indian industry has to adopt Industry 4.0 as it is important to boost manufacturing," Hospira Healthcare Managing Director Srini Srinivasan said, adding that this quality of products and ease of doing business would play major role.
Industry 4.0 refers to the current trend of automation and data exchange in manufacturing technologies. He was speaking at a session on 'Industry 4.0: leveraging for efficiency, adaptability, productivity, - what is in it for India' at the Andhra Pradesh investment summit here today.
Summarising the session, DIPP Secretary Ramesh Abhishek said that to adopt 'Industry 4.0', India Inc has to adopt best global practices of manufacturing and it also requires investments.
"In the discussion it came out that we have to adopt Industry 4.0... Industry has to adopt smart manufacturing," he said adding, other areas which need special focus include, good quality products, alignment of jobs, skilling, perfect supply chain, innovation.
Renault Nissan Alliance, Vehicle Production Plant and Plant Engineering, Vice President Keerthi Prakash said, India cannot shy away from Industry 4.0. "We have to look at Industry 4.0 seriously," he said.
According to experts, 'Industry 4.0' or the fourth industrial revolution integrates the digital and manufacturing world. Technologies such as big data and analytics, autonomous robots Internet of things, cyber security and augmented reality are transforming the manufacturing landscape.
This can be the fulcrum that catapults Indian manufacturing and thus make India a truly global hub. This transition will require significant economic and social transformation and political and institutional framework.