What is Industry 4.0, why it offers huge opportunity for India?

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Published: January 23, 2019 12:38:21 PM

The manufacturers get enhanced opportunity to optimise their operations fast and much efficiently by knowing what exactly needs focus.

cyber logistics, insurance servicesThe adoption of computers and automation enhance productivity in the new age as was seen in the times of first industrial revolution.

Industry 4.0 or fourth industrial revolution provides huge opportunity to India, news agency PTI reported citing the Department of Industrial Policy and Promotion (DIPP) Secretary, Ramesh Abhishek. The country needs to adopt new technologies and provide a facilitative policy framework on a fast-track basis, he also said on the sidelines of the World Economic Forum (WEF) annual meeting. Efforts are being made both at the centre and the state level in this regard, he added.

What is Industry 4.0?

Amid current trend of digitisation in manufacturing, automation and data exchange in manufacturing technologies has been named as Industry 4.0. Also referred to as the fourth industrial revolution, it includes cyber-physical systems, the Internet of things, cloud computing and cognitive computing. The adoption of computers and automation enhance productivity in the new age as was seen in the times of first industrial revolution.

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Why it offers huge opportunity for India?

The manufacturers get enhanced opportunity to optimise their operations fast and much efficiently by knowing what exactly needs focus. Use of smart machines and technologies, by using more data, would help the factories and production units to turn into more efficient and productive and less wasteful, the experts say.

The MSMEs are said to hold the biggest opportunity to move on to the next technology, getting huge benefits in the process.

At the same event, Deloitte global CEO Punit Renjen said India has a great potential and its businesses are all geared for the the Industry 4.0.

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