India will be the third most sought-after manufacturing destination globally by 2025. India’s manufacturing sector will reach US$ 1 trillion.
The last two years were disruptive for manufacturers. They struggled with supply chain challenges, workforce and labor issues, etc. Today, India’s manufacturing sector is on the cusp of structural shifts buoyed by government initiative PLIs, robust policy thrust, and fresh investments. As per the research, India is emerging as an integral pillar of economic growth. In FY21-22, India’s manufacturing exports reached an unprecedented $418 billion (Over 40% higher compared to the $290 billion from the previous year). Soon it is expected to become a global manufacturing hub. As per data, by 2030, it’s expected to add over US$ 500 billion to the global economy annually.
Lately, India has witnessed revenue from several large multinational companies that have either looked to invest in manufacturing operations in the country or have done so as of now—on the rear of government support for FDI in certain sectors, a huge market to take care of, and India’s enormous, young and skilled workforce. Indeed, these positive developments are creating a robust pipeline for the nation’s sustained economic growth. However, bridging talent and workforce skill gaps, overcoming supply chain challenges, scaling smart technologies, and securing digital infrastructure are still the biggest challenges. The dilemma is to deliver the following top 4 priorities: -
- Develop an industry 4.0 roadmap that solves unique business problems and adheres to the company vision.
- Create a business case and demonstrate ROI.
- Build a resilient supply chain and robust infrastructure.
- Form a proficient workforce culture to accelerate the business transformation journey.
The Mint-Zetwerk Smart Manufacturing Summit 2022 showcases how to spur economic growth and make India a global competitive manufacturing hub. Also, to develop strong manufacturing value chains with potential to function in international businesses, power development, and create long-term employment opportunities, and abilities for thousands.