Only 10 per cent domestic manufacturers have adopted advanced manufacturing practices while 80 per cent are ready to do so by the turn of the decade, a survey by Tata Strategic Management Group and industry lobby Ficci has found.
“While only 10 per cent of the domestic manufacturing companies have already adopted advanced manufacturing, as many as 80 per cent plan to adopt it by 2020,” says the survey.
Technology adoption, however, will be led by MNCs and large domestic companies, added the survey, on the readiness of domestic manufacturing to adopt advanced manufacturing trends, based on over 50 leading engineering companies in the country.
The survey by the management consulting arm of the Tata Group also identified four most relevant advanced manufacturing trends — additive manufacturing, advanced robotics, industrial Internet of Things (IIOT) and augmented reality.
The national manufacturing policy envisages increased contribution of manufacturing to GDP from the present 15 per cent to 25 by 2022.
Advanced manufacturing will enable domestic manufacturers to not only become cost competitive but also gain access to developed markets through technologically advanced products.
Therefore, it is critical for domestic manufacturers to adopt advanced manufacturing to ensure success of the local manufacturing push, says the report.
Tata Strategic Management Group, the largest Indian- owned management consulting firm, addresses top-of-the-mind issues of business leaders in the areas of growth, new market entry, organisation effectiveness and overall performance improvement.