What is the issue?
- Global industries are moving towards new phase of Industrial revolution.
- India should also use this opportunity.
What are the characteristics of Indian industry?
- Technically trained manpower is increasing.
- Cheap priced labour forces, when compared with other nations.
- Most manufacturing firms are small and medium enterprises.
- There are more no of unorganized manufacturing sectors in textile, food industries.
- India has a well trained professional and infrastructure in IT Industry.
- The pharma sector is reaching new heights.
- Digitization of industries are happening in a speedy process.
What are the characteristics of Industry 4.0?
- Extensive automation of manufacturing.
- Dedicated business processes.
- Reliable supply chain process.
- Computational power and connectivity.
What are the shortcoming for Indian industry?
- The ratio of no of finished product per skilled labour is very less.
- Slow phase of Industrial investments.
- Many big manufacturing firms are facing global competition.
- The government started disinvestment on most of its reputed firms.
- Manufacturing process is not according to the customer needs, it’s based on market prediction.
- No dedicated mechanism for Business-Customer relationship.
On what capabilities India should concentrate?
- The understanding and use of business analytics is need of the hour.
- By using new technology and the most appropriate deployment to serve customer needs.
- Sophisticated customer relationship management tools should be used
- Continuous reskilling of professionals for being flexible towards the technology.
Quick facts
Recent measures taken by Indian government for Industrial development
- Along with Skill India, Start-up India, Make in India, MSME schemes, here are few recent Initiatives
- The Union government proposed a plan for introducing all India skill development services.
- The Union Cabinet is expected to approve a bill that mandates a universal minimum wage.
- Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, has signed an Institutional agreement with the Punjab State Council of Science and Technology to establish India’s first Technology and Innovation Support Centre (TISC) at Patent Information Centre.
- The Centre for the first time under a new scheme called Trade Infrastructure for Export Scheme (TIES) launched in March to address the infrastructure problem.
Source: Business Standard
