The Next Industrial Revolution: How Future–Ready is India's Process Industry ?

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Indian Mindset

The industrial world is however skeptical about accepting the transformation. “For the industrial market and Indian process industry, more specifically, the story is one of evolution rather than revolution,” noted Mote.

On the other hand, emphasizing on the importance of accepting new technologies, Sivaram said, “The worldwide process industry is changing and adapting advancements, the Indian industry has to be globally competitive to sustain in the international market. Embracing technology is the only choice domestic companies have. With the help of this transformation Indian players can not only be competitive but also serve the ever growing demand in the domestic market.”

How to Learn from Experience with the Internet of Things

“Therefore, the Indian process industry will have to learn from the experience of industries around the world, which have already acquired certain maturity in terms of Industry 4.0 and if possible, forge alliances with such industries,” suggested Davesar.

The Government of India is enabling industries to forge such required partnerships and alliances through the ‘Make in India’ campaign. “Fortunately, the ‘Make in India’ initiative is coming timely with industry 4.0,” acknowledged Sivaram. Agreeing to the sentiment, Mote said, “The Indian Government is taking steps to revamp declining manufacturing and process industries with this strategic initiative.”

Prepared for Industry 4.0

Seconding the same, Davesar said,” Process industry in India is certainly prepared to embrace Industry 4.0 and avail the opportunities being presented by the changing business environment across the globe.”

“Some of the industries have already started aligning their strategies and integrating various processes in their business environment for maximizing their value adds. For smaller companies and companies starting afresh it will be easier to adapt process landscape.”

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