The majority of manufacturers agree that technology adoption is a critical component in determining profitability and competitiveness, according to a Confederation of Indian Industry (CII) Manufacturing Competitiveness Study. However, many of them currently allocate less than 10% of their budgets to technology adoption.
The research did note, however, that a trend toward more investment—aiming for 11–15 percent of budgets—is anticipated over the next two years, especially in the areas of robots, big data, and the Internet of Things (IoT).
According to the report, there are still issues with legacy system integration, high costs, and unclear return on investment, particularly for small and medium-sized businesses (SMEs). The research also emphasizes how critical it is to upskill the workforce in order to close the skills gap and facilitate the smooth adoption of cutting-edge technologies.
With an emphasis on the revolutionary effects of smart technology on India’s manufacturing sector, the Confederation of Indian Industry (CII) published the Manufacturing Competitiveness Study.
‘Smart Manufacturing: Unlocking India’s Potential’ is a paper that focuses on the industry’s continuous digital transformation and how important it is to be reaching the ambitious target of raising the manufacturing GDP contribution to 25 percent anytime soon.
