The manufacturing sector in India is growing. Thanks to Make in India initiative that the government of India launched, the country is slowly becoming a manufacturing hub on a global scale.
However, the dream that India has to become one of the powerhouses is not easy to fulfill. The country would need more assets that could help in reaching this goal.
And one of the best boosters that India could use to become a manufacturing powerhouse is technology. Can technology help India achieve this goal?
How Technology Powers Manufacture Today
Efficiency, innovation, and vision – these are just some of the benefits that technology brought into the manufacturing industry. The two sectors are interlinked and therefore share many characteristics. More importantly, they are co-dependent: a question remains how many steps back we will take if we take the tech out of the manufacturing equation.
The introduction of technology into this sector helps with efficiency, yes, but also productivity and data management. Big companies that are heavily invested in the manufacturing industry must manage massive data. The data that runs through such companies is hard to track, but technology is there to help with data management. Moreover, some companies handle not only data collection and management, but also protection. After all, we live in the digital era, so every single byte of info is precious (especially in massive companies).
Another critical factor that underlined the connection between manufacture and technology was the COVID-19 outbreak. The pandemic that forced the entire world into lockdown showed us how important digitalization is for every branch of industry. That will undoubtedly affect the future of technology, as companies adopt the ‘digital-first approach’ to business.
Throw in 3D printing, VR and AR, and you are looking at the future of the economy – if and when great powers and big companies decide to take things to the next level.
The Power of Technology in India
India might not be a manufacturing hub right now, but it is almost certainly a digital hub. The IT sector is a prominent branch of the Indian economy that successfully produces over a million engineers and experts each year. When it comes to sourcing, India holds 55% or the entire US sourcing business. Although this already sounds mesmerizing, it is only the beginning. Technology in India is not even at its peak.
The technological expansion in India affects all sectors. From entertainment to transportation, technology in India is everywhere.
The increased use of mobile devices and the internet only help drive this growth. Even the online gambling industry, despite the ambiguity in the legal aspect, has grown to become a billion-dollar industry. Today, a great number of live dealer casinos are actively offering first-class entertainment to players in India – all thanks to technology.
India’s strong reliance on IT is yet to reach its peak across multiple industries, and it ultimately could be a golden ticket for the manufacturing hub.
Manufacturing the Dream
There is something that India has which few countries in the world can boast – a massive population. More than a billion consumers power the Indian economy every single day. And let us not forget that much of that consumption involves some form of technology as well. Thanks to this unbeatable advantage, India has become a hotspot for international brands that are seeking to establish operations in the country. For instance, Boeing, GE, HTC, Siemens, and Toshiba are currently in the process of opening manufacturing factories to expand their reach.
Foreign investments provide space for further expansion of the Indian manufacturing sector. However, there is still a lot that India can do on its own.
Experts that are quite familiar with how the Indian economy works, are pushing for a more significant focus on digitalization. Smart manufacturing would both increase the domestic consumption of local products and strengthen the supply chain. That, in turn, would help India connect with international superpowers into a unified chain.