Wednesday, June 29, 2022

India On The Edge of Industry 4.0 Revolution, Says PM Modi

* PM Modi said that India is leading towards an industry 4.0 revolution while adding that the nation is succeeding in all areas, including digital and information technology.

PM Modi, who recently visited Germany for a 3-day visit to attend the G7 summit, said that India is leading towards an industry 4.0 revolution while adding that the nation is succeeding in all areas, including digital and information technology.

He also mentioned that India is the world's second-largest producer of mobile phones and has the third-largest startup ecosystem when speaking to the Indian community in Munich.

Modi further said India used to be at the bottom of the startup leaderboard. India now has the third-largest startup ecosystem worldwide. Similarly, India used to import even the most basic phones, it is now the second-largest producer of mobile phones in the world.

Modi also mentioned that Germany and other nations profited from the industrial revolution in the previous century. India was a slave at the time, which prevented it from utilising its advantages. But now that India is leading the globe in the fourth industrial revolution, it won't be left behind.

What is Industry 4.0?

The terms "fourth industrial revolution" and "industry 4.0" are commonly used interchangeably. It is differentiated by concepts like:

* Automation has grown since the third industrial revolution.

* Industrial IoT's ability to connect the physical and digital worlds through cyber-physical systems.

* A shift away from centralised industrial management toward a system where smart goods control the production processes

* Regulatory frameworks and closed-loop data models.

* Customisation or customising of goods.

All sorts of industrial businesses, including discrete and process manufacturing, as well as oil and gas, mining, and other industrial divisions, can use the ideas and technology of Industry 4.0.

Among the cutting-edge technologies that manufacturers are integrating into their production processes are the Internet of Things (IoT), cloud computing, analytics, artificial intelligence (AI), and machine learning.

These smart factories use robots, embedded software, and advanced sensors to gather and analyse data to aid in decision-making.

Even more value from previously separated information is provided when operational data from ERP, supply chain, customer service, and other corporate systems are integrated with data from manufacturing processes.

However, it is also thought that utilising cutting-edge IoT devices in smart manufacturing would lead to greater productivity and improved quality. When manual inspection business models are replaced with AI-powered visual insights, manufacturing mistakes are reduced and money and time are saved.

Impacts of industry 4.0 in India

India has a unique chance to industrialise owing to the fast advancement of technology. If the correct policies are in place, India may exploit such technology developments to re-industrialize itself.

Advanced data analysis will also increase the product's production effectiveness and quality. Business analytics will concentrate on foreseeing and preventing production failures. Additionally, automation will eliminate unnecessary capital investment, shorten manufacturing cycles, and cut cycle durations.

Lower costs and an improved customer experience will be the outcome of several industrial processes being digitized. IoT and man-machine connectivity will also help supply chains by reducing lead times.

The World Economic Forum's 2018 Future of Production report, however, classifies India as a legacy nation. Therefore, even if India leads the world in innovation, technology, and overall demand potential, persistent problems like a lack of human capital and sustainability limit its capacity for future growth.

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