Over the next two years, industries aim to allocate 11-15% of their budgets to technology investments to drive efficiency and innovation, the report says.Many Indian manufacturers are embracing technology as a catalyst for future profitability and global competitiveness. However, a study by the Confederation of Indian Industry (CII) shows that a significant number of companies allocate less than 10% of their budget to technology.
Indian manufacturing is being transformed by the adoption of technologies such as the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), robotics, and automation.
According to the report titled ‘Smart Manufacturing: Unleashing India’s Potential’, this transformation could support India’s goal of increasing manufacturing’s contribution to its gross domestic product to 25% in the coming years. It is said that there is a sex.
“By embracing these advances, the country can gain global competitiveness and establish itself as a manufacturing leader,” said Dr. said Deepak Shetty, CEO and Managing Director, JCB India Limited. The research covered companies of various sizes, from £5bn to over £24,000m.
Over the next two years, industries aim to allocate 11-15% of their budgets to technology investments to drive efficiency and innovation, the report says.
He added that while large capital industries such as semiconductors, aerospace and automobiles are leading the way in adopting advanced technologies, traditional sectors such as textiles and food processing have been slower to embrace digitalisation.
Deepak Jain, Co-Chair, CII Manufacturing Excellence Council and Chairman, Lumax Group, said: “Manufacturing is at a transformational moment, where advanced technologies are reshaping processes and driving industrial excellence. “We are addressing challenges such as supply chain visibility to achieve this goal.”
The report also outlined some barriers to technology adoption.
