Prime Minister Narendra Modi, who arrived in Germany on a three-day visit to attend the G7 summit, said on 26 June that India Industry 4.0 is leading the revolution, while asserting that the nation excels on all fronts including information technology and digital technology.
Addressing the Indian community in Munich, he also said that India is the world’s second largest mobile phone manufacturer and has the third largest startup environment.
As reported by ANI, Modi said: “There was a time when India was nowhere in the startup race. Today we are the third largest startup ecosystem. Similarly, we used to import even the simplest phones, today we are the second largest mobile phone manufacturer in the world.”
Additionally, he said: “In the last century, Germany and other countries benefited from the Industrial Revolution. India was a slave at that time so could not take advantage. But now India will not lag behind in the Fourth Industrial Revolution, now it is in the world.” is leading.
“Today India is working on building a new legacy and it is being led by the youth of the country. We have brought 21st century policies for the youth of New India. Today, our youth will be able to complete their education in their mother tongue,” Modi said.
What is Industry 4.0
The phrases “Industry 4.0” and “Fourth Industrial Revolution” are often used interchangeably. It is distinguished by such considerations as:
• Increase in automation during the Third Industrial Revolution.
• Connecting the physical and digital worlds through cyber-physical systems made possible by industrial IoT.
• A transition from a centralized industrial management system in which smart products determine manufacturing processes.
• Control systems and closed-loop data models.
• Product personalization/customization.
Across the world, it is truly changing how businesses produce, grow and distribute their goods.
The concepts and technologies of Industry 4.0 can be applied to all types of industrial companies, including discrete and process manufacturing, as well as oil and gas, mining and other industrial divisions.
Internet of Things (IoT), cloud computing, analytics, AI and machine learning are among the cutting edge technologies that manufacturers are incorporating into their manufacturing processes.
These smart factories include advanced sensors, embedded software and robotics, which collect and analyze data to help make decisions.
When operational data from ERP, supply chain, customer service and other corporate systems is combined with data from production processes, more value is generated than previously isolated information.
According to IBM, “The development of smart factories provides an incredible opportunity for the manufacturing industry to enter the Fourth Industrial Revolution. Real-time visibility of manufacturing assets by analyzing the vast amounts of big data collected from sensors on factory floors.” Can provide equipment to perform predictable maintenance to reduce equipment downtime.
However, it is also recognized that the use of state-of-the-art IoT devices in smart manufacturing results in higher productivity and better quality. Manufacturing errors are reduced, and money and time are saved when the manual inspection business model is replaced with AI-powered visual insights.
A cloud-connected smartphone can be easily installed by quality control staff to enable remote monitoring of manufacturing processes.
By using machine learning algorithms, when repair work is more expensive, manufacturers can identify mistakes earlier rather than later.
Industry 4.0 in India
Thanks to rapid technological improvement, India has a unique opportunity for industrialization. India can use such technological advances to re-industrial itself with the right policy framework.
According to an analysis by McKinsey & Company, if Indian companies adopt essential Industry 4.0 technologies across multiple industries including production, logistics, supply chain and procurement, operating costs will increase by 40%, from 10% of capital cost. is less.
Additionally, advanced data analysis will improve product quality and manufacturing efficiency. The prediction and avoidance of production defects will be the focus of the business analysis. Automation will also reduce cycle times, reduce unnecessary capital expenditure and shorten manufacturing cycles.
Digitalising multiple production processes will reduce costs and improve customer experience. Similarly, supply chains will benefit from shorter lead times thanks to IoT and man-machine connections.
However, India is classified as a heritage country in the 2018 Future of Production Research World economic forum. This means that even as India excels in technology, innovation and aggregate demand potential, long-standing issues such as human capital shortages and stagnation limit its potential for future growth.
However, according to an op-ed by Badri Narayanan Gopalakrishnan, who is lead (consultant) and head, trade and commerce, NITI Aayog, and Kannan Kumar, who is in trade and commerce, NITI Aayog, The Hindu. Business Line, while India’s prospects, in general, look bright, to prepare domestic businesses for the rapidly evolving tech landscape, policy makers will need to focus on four areas to drive the Fourth Industrial Revolution.
Gopalakrishnan and Kumar said these include providing a social safety net, promoting R&D, enhancing human resources, fostering institutional capacity and encouraging technology investment.
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