The Government of India has envisioned a 5 Trillion-dollar economy with the manufacturing sector contributing 20% of that. Manufacturing continues to be a high potential sector in India not only from the standpoint of achieving and sustaining consistent economic growth but also generating employment for our workforce. To realise this vision, the sector needs a strategic and time-bound roadmap to accelerate growth. The transformation of India into a global manufacturing hub must help build competitive advantage for future by focusing on three high-priority areas - Scale, Sustainable and Smart.
Scale has traditionally been a key success factor for global manufacturing companies and countries. While some Indian companies and sectors have done well to develop scale and leverage it, there are areas where Indian companies have not achieved scale due to various reasons. The Government has announced major initiatives like the Make in India, Atmanirbhar Bharat and Vocal for Local to help drive scale and advantage. Going forward, it is important to understand where the scale really helps the company, the sector and the broader ecosystem – and how to achieve the same effectively.
Over the last few years, Sustainability has become a global imperative. It is no longer just a buzzword but a clarion call to action. With India maintaining that it is on course to outperform its Paris climate agreement pledge to reduce its carbon footprint by 2030, sustainability will be critical going forward. The Indian manufacturing sector has a significant opportunity to introduce sustainability not only to reduce the impact on environment but to build capabilities that can be a source of differentiation and competitive advantage
The manufacturing sector has undergone a massive transformation starting from the Industrial Revolution in the 18th century, driven by machines to Industry 4.0 of today, characterised by cutting-edge technology. Companies and countries that will win in the future will need to up the “Smart” coefficient even more. It is very likely that the factories of the future will be smart, entailing highly digitized and connected production facilities capable of self-optimizing performance, self-adapting and learning facilities. Covid-19 has been a major catalyst in accelerating the Industry 4.0 revolution globally including India.
This editon of the summit will explore how the Indian manufacturing sector needs elements of Scale, Sustainability and Smart (Technology) to grow and thrive.