New Industrial revolution

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