Manufacturing sector in India has emerged as one of the high growth sectors in India. Knowing the scope for its growth, the government is taking several measures to boost the output from the current 16% to 25% of GDP by 2025. Talking about the encouraging steps, there are other trends which also help Indian manufacturers to flourish.
Huge market size being one of the greatest boosters for the manufacturing industry in the country, based on this aspect, Mckinsey and Company states that the Indian manufacturing industry has the potential to touch US$1 trillion by 2025. The sector is expected to create up to 90 million domestic jobs by 2025. Technology is another aspect helping the manufacturing industry grow and stay pertinent in these changing times.
Following are the key trends that can impact the manufacturing industry.
Adopting ‘SMAC Stack’
SMAC, which stands for Social, Mobile, Analytics, and Cloud is creating great possibilities for the industry.
- Use of smart devices enables faster and instant communication, lessens the gap between an event and response, keeping the manufacturing at its maximum efficiency.
- Social media can be used by manufacturers, precisely the small-scale manufacturers to reach out to their target audience with much lower investment as compared to traditional means. There are several social platforms, especially those related to crowd-funding that helps manufacturers find customers, who wants to invest in their products.
- Analytics aids management in decision making, especially, in products where telemetric information is captured.
- Cloud is an amazing technology which enables manufacturing in numerous ways including making use of cloud based services to enhance / enable their processes without an upfront prohibitive investment.
Manufacturers, these days are trying to make their products “smart” by putting different sensors, which connect back to the manufacturers’ cloud. For example, the sensors in your air conditioner track when it needs servicing and relays the information to you via the manufacturer’s cloud. Isn’t it just too amazing?
Government driven impetus
The Government of India is also playing an essential role, where the impetus is created through
Products, purchased through government funding and the products which are purchased on consumer demands. The government is inviting various foreign companies to invest and set up manufacturing units in the country and framing policies to make it viable for them to partner with Indian companies.
Indian Manufacturing, after the Make in India campaign has gotten a major makeover. The industry is growing at a fast pace and is also adapting to modernisation.