Government's 'Make-in-India' initiative and structural reforms will allow the manufacturing sector to accelerate growth over the next few years, according to a CII-BCG report.
Industry 4.0 is the current trend of automation and data exchange in manufacturing technologies.
"Make-in-India initiative and structural reforms will enable Indian manufacturing sector to accelerate growth over the next few years.
"However, we cannot afford to ignore global trends in terms of rise of globally competitive manufacturing nations and profound impact of Industry 4.0 on global manufacturing," Arun Bruce, Partner, BCG said at the CII Manufacturing Summit, reported PTI.
"Apart from existing structural reforms and infrastructure push, the government needs to specifically look at Industry 4.0 adoption by creating supportive ecosystem and policies that promote technology adoption," he said.
At the summit, CII and BCG released a report titled 'Next Generation Manufacturing: Winning through Technology & Innovation'.
The report assesses current state of Indian manufacturing sector, looks at the country's rise as global manufacturing hubs, analyses the impact of Industry 4.0 technologies on global as well as Indian manufacturing, and lays down imperatives for the industry as well as government.
CII-BCG also conducted a survey among leaders of the manufacturing industry for developing key themes in this report.
The report takes stock of the recent progress of the manufacturing sector and the Make-in-India initiative. It also takes notes of the efforts on reforms related to GST, FDI relaxation and infrastructure development.
Such steps are making Indian manufacturers more optimistic. Nevertheless, 45 per cent of the executives feel that the Make-in-India initiate has become closer to reality as compared to the last year, it said.
The report highlighted two structural shifts shaping global manufacturing. First, rise of global manufacturing superstars such as Mexico and Vietnam. These countries have built upon their natural advantages to create competitive advantage and promote growth in the manufacturing sector.
Jamshyd N Godrej, Chairman, CII Manufacturing Summit said, "Globally, manufacturing is entering into a new era with the advent of next generation manufacturing technologies. India needs to proactively invest in building capabilities and become globally competitive.