India’s digital manufacturing initiatives will put the country at the top of the global export market
The Covid-19 pandemic has accelerated the digital transformation process that was already underway in India. Companies that understand the importance of AI and digital transformation continue to gain a competitive advantage in the ever-growing market. There have been significant changes in India, as Covid’s geopolitical and economic fallout caused the realignment of global supply chains. Since assembly lines were forced to halt or curtail operations, manufacturers, not only in India but outside, realized that they can no longer depend on traditional manufacturing procedures as the source of production. Companies based in the country, both Indian and multinational already on their way towards digital manufacturing. This is particularly more relevant in the case of older companies, which have been working on their modernization for several years now.
industry experts believed that once the world recovers from the massive jolt of the pandemic, there ought to be a shift in the conventional global economy that was heavily burdened with restrictions on trade, investment, and technology transfers. As localization of production or reshoring happens all over the globe, the trade systems were likely to become more regionally focused. The ecosystem for digital manufacturing in India is now being recognized by global industries. Multiple government schemes like Make in India, Startup India, and Digital India, had quite a minor effect on the entrepreneurs residing in the country; it was mainly after the Covid pandemic that digital manufacturing rose to great strength.
India Might Reach US$300B by 2026 Via Electronic Manufacturing
Experts believe that the rising dominance of electronics or digital manufacturing might lead the Indian export industry to record over US$300 billion by 2026, nearly four times the current US$67 billion. Vision Document 2.0, prepared by the Ministry of Electronics and Information Technology (MeitY), emphasizes that such product segments cover mobile phones, information technology hardware, consumer electronics, wearables, electronic vehicles, and others.
Digital manufacturing would go beyond Industry 4.0, blending manufacturing with IT, including artificial intelligence, virtual reality, and the Internet of Things. The United States and Japan have already called in to move manufacturing out of China for security purposes and might be moving to China. Indian business leaders denote that this might be a great opportunity for the country to extend its export industry. This time the country will be able to use its vast talent and automate most of its tech initiatives and strengthen the impact of the enormous digital initiatives in India.
India is set to play a key role in advancing the global industry for digital manufacturing. The country grows towards becoming one of the biggest growth markets and largest economies. There is an exponential rise in investments in improving infrastructure and establishing megacities. The rise in digital manufacturing will trigger a rise in domestic and global manufacturing, and enhance efficiency in supply chain production.