PLI can promote FDI, stimulate manufacturing
January 2, 2023 12:00 pm
PLI will generate jobs and increase exports, contributing to the long-term vision of gradually developing India into a global manufacturing hub and boosting employment opportunities in the country.
South Asia’s apex exhibition, IMTEX, is expected to showcase the latest technological trends and refinements from top industry players. It will be a treat for the leaders of the manufacturing industry. It would also be a platform for visitors to experience the new developments in the machine tool industry and automation. Using the medium of IMTEX 2023, both small-scale and large-scale firms would be able to build and enhance their branding.
New developments expected to get displayed
The exhibitors would showcase new developments in Machine Tools, Cutting Tools, Tool Holding devices, accessories, metrology, and tooling systems besides automation, smart manufacturing, collaborative robots, industry 4.0 and digital transformation.
Manufacturing industries to assume a central role in the digital transformation
Transformations are now progressing at a considerable rate, and competitive pressures are intensifying in many fields. These transformations in customer sectors and markets pose significant challenges to companies. Under “Innovate Manufacturing”, companies are redefining themselves, improving and expanding their portfolios, streamlining their processes, and tapping into new markets. At the same time, they must meet sustainability requirements, elaborate new business models, reorganise their job structure, and migrate to new forms of communication. Production technology provides the basis for solutions meeting these present and future challenges. Production processes gain in efficiency and sustainability, procedures in flexibility, and new value-creation strategies and business models are born. As the key to technical innovations over the entire production stream, the manufacturing industry assumes a central role in digital transformation.
Robust manufacturing outlook for 2023 in the country
The Indian economy is poised for a growth of around 6% to 6.5% in 2023, and here, manufacturing should grow by at least 7.5 to 8 percent to achieve this growth. The Manufacturing PMI came in at 55.7 in November 2022, up from October’s 55.3. Meanwhile, the Services PMI increased to 56.4 in November (October: 55.1). In both sectors, output and new orders rose faster in three months; employment and input purchases also increased. All these drills well for robust manufacturing growth in 2023. However, we should tread with cautious optimism as global headwinds might dampen this growth.
PLI and Make-in-India to push manufacturing sector growth
With the Make in India 2.0, the government is keen that the manufacturing share in the country’s GDP increases from 17 to 25 percent in the coming years so that manufacturing can contribute 1 trillion USD when India becomes a 5 trillion USD economy. The Production Linked Incentive (PLI) scheme will boost the country’s manufacturing activities, attracting FDI inflow, generating jobs and leading to increased exports. The long-term vision is to gradually develop India into a global manufacturing hub and boost employment opportunities in the country.
IMTEX to pave the way into the foundation process of Industry 5.0
Industry 4.0 has proposed a technology-driven evolution during the last decade, focusing on network connectivity, intelligence, and automation. However, the autonomous attribute of this industrial revolution needs to be revised in the role of humans in the operation loops. Thus, the new concept of Industry 5.0 is developed to use the technology in favour of humans, not as a substitute. The primary focus of Industry 5.0 is human-centricity, which, from a pragmatic aspect, puts forward human presence and high importance in a system. However, there is a trade-off between human integration and automation to satisfy the goals of Industry 5.0. This concern resides in the context of intelligent automation, e.g., human–robot collaboration. With relentless stress on technological advancements and refinements extending beyond Industry 4.0, IMTEX aspires to pave the way into the foundation processes of Industry 5.0.