Indian Manufacturing Sector to Boost Smart Technology Investments: CII Study

ENA Sectors 2024-12-30 14:01:46 New Delhi, Dec 30 (KNN) Indias manufacturing sector is poised for a digital transformation, with companies planning to allocate 11-15 per cent of their budgets to smart technologies over the next two years, according to a Confederation of Indian Industry (CII) study released on Sunday. The study underscores the growing recognition of technology adoption as a pivotal driver of profitability and global competitiveness. The Manufacturing Competitiveness Study, conducted by the CII Council on Manufacturing Excellence, reveals a notable shift in investment priorities. While current allocations for technology adoption remain modest—less than 10 per cent of budgets—the next two years are expected to see increased focus on advanced solutions such as the Internet of Things (IoT), robotics, and Big Data analytics. India's manufacturing landscape is undergoing a significant transformation, driven by the rapid adoption of innovative technologies, said Deepak Shetty, Chairman of the Council on Manufacturing Excellence, CII. He emphasised that embracing these advancements would enable India to secure a global competitive edge and position itself as a manufacturing leader. The report highlights how cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and automation are reshaping industries, enhancing productivity and efficiency. High-capital sectors like semiconductors, aerospace, and automotive are spearheading this revolution, while traditional domains like textiles and food processing are making gradual strides towards digitalisation. Despite the promising outlook, the study identifies significant challenges, including a widening skills gap among the workforce. To address this, it recommends upskilling initiatives, public-private partnerships for shared technology hubs, stronger industry-academia collaboration, and policy reforms to foster broader adoption of smart manufacturing. This report highlights a transformative moment for India's manufacturing sector, where advanced technologies are reshaping processes and addressing challenges like supply chain visibility to drive industrial excellence, said Deepak Jain, Co-Chair of the Council on Manufacturing Excellence. As India accelerates its journey towards becoming a global manufacturing powerhouse, leveraging smart technologies will be pivotal in unlocking new opportunities and driving sustained growth. (KNN Bureau) 40427 https://knnindia.co.in/news/newsdetails/sectors/indian-manufacturing-sector-to-boost-smart-technology-investments-cii-study 2024-12-30 14:01:46 knnindia.co.in Indian Manufacturing Sector to Boost Smart Technology Investments: CII Study