Indian Manufacturers Still Grappling With Advanced Tech

by CXOtoday News Desk    Sep 02, 2016

manufacturing

Only a minority of 10 percent manufacturers in India, use advanced production methods in their businesses, according to a study conducted by the Tata Strategic Management Group and industry body FICCI (TSMG-FICCI Advanced Manufacturing survey 2016).

The more optimistic and intriguing part of the study however reveals, that by the turn of this decade (2020), 80 percent of them will have upgraded themselves to new and advanced methods. As the study was quoted saying, “While only 10 percent of the domestic manufacturing companies have already adopted advanced manufacturing, as many as 80 percent plan to adopt it by 2020.”

There were some other interesting facts revealed by the TSMG-led study. The study says, technology adoption and change management thereof, in manufacturing trends, will be mainly led by MNCs and large domestic companies, due to the readiness of these entities to embrace the new methods and trends. This result came about from the study of 50 leading engineering companies in India.

The management consulting arm, Tata Strategic Management Group (TSMG) also spotted out the 4 main manufacturing trends in the country, which will dictate industry. They include additive manufacturing, advanced robotics, industrial IoT (internet of things), and augmented reality. In fact, the national manufacturing policy sees the contribution of manufacturing to India’s GDP, increase from the current 15 percent to 25 percent by 2022.

Advanced and new manufacturing practices will ensure that domestic manufacturers turn into more cost effective models an business entities, and also gain access to more mature markets where the levels of technology products are far more advanced.