Change is an evident factor in everyone’s lives may it be a person or an organization. The thing that matters the most is the gravity of the change. Whether it is positively reinforcing or negatively derailing one’s work. The dynamics of the Indian manufacturing industries have shown the country’s capacity to create a versatile palette of products from various segments and its ability to deliver. Innovations in the industry have been a constant driving force, inspiring different sets of qualitative goods, types of equipment and peripherals to be manufactured indigenously.
Innovation is defined as ‘a process by which varying degrees of measurable value enhancement is planned and achieved in any commercial activity,’ by the Indian government’s National Knowledge Commission. According to one independent report, the country still has a lot of merit when innovations in manufacturing are to be considered. One of the largest advantages the manufacturing sector has is the market’s enormous diversity in consumer’s tastes and preferences. The things that have led to frugal inventions are price sensitivity and value consciousness amongst the consumers. A rapidly growing young generation of the middle-class is creating a huge demand for advanced products which need to be satiated.
However, Manufacturing in India is in a dire need of overcoming the challenges pertaining to the industry such as insufficient infrastructure and access to reliable power solutions. Hence, innovation in the optimization of expensive energy consumption is really galvanizing. The strongest motivator for the Indian manufacturing sector could arguably be innovative technologies. A forerunner for this is definitely access to cutting-edge research and present world-class technological advancements. Over a few years, the industry has seen numerous opportunities along with having a concentration on research and development. All of this, under the microscope with a specific focus on enhancing competitiveness.
Growth Impetus
In the past seven years, manufacturing in India has expanded its reach at a compounded annual growth rate (CAGR) of 8.5%. It is just moderately excessive figure than that of the overall economic GDP which increased at CAGR of 8.4%. Even though this performance is considered to be somewhat good, the manufacturing space in India needs to step up majorly if the industry wants to keep up with the government’s ambitions. In order to be globally competitive, Indian businesses require to be innovative and different across the value chain. This is possible when there is an availability of technology, equipment, financial resources along with reasonably economical trained labor force. The Manufacturing activity in India grew at its fastest pace during the last three months from May this year, which was led by consumables. The government has indicated signs of high growth in the future.
Innovation in Creation
There are a lot of companies bringing innovative products related to the Indian manufacturing sector and creating or filling niches in the market. Some new products are revolutionary in nature and are putting the manufacturing sector of India on a pedestal for sure. A few of them are listed below:
- FARO’s Cobalt Design 3D Scanner, which is for industrial use. Mainly, for design professionals. The global leader for 3D measurement and imaging solutions, FARO introduced Cobalt Design structured light scanner product which significantly reduces data capture time and delivers quick results.
- NORDAC PRO SK 500P by Nord Drivesystems. It possesses the state-of-the-art control cabinet inverter with the latest component technology and ultimate levels of functionality, connectivity, and modularity.
- FAR launches Versys VF-15. It is a fully automatic short bar feeder, which completely eliminates setup changes over time like Pusher/Pushrod manual changing, and bar stock center adjustment, etc.
- Igus 3D Printers, which makes building any spare parts of machinery quite easy. The company provides 3D printing services and gets the product delivered within a few hours of its designing.
Lastly,
The Indian manufacturing sector has the capacity to position itself at around $ 1 Trillion by 2025. India is expected to be ranked amongst the top three growth economies and manufacturing hub or focal point of the world by the year 2020. Due to the implementation of the Goods and Services Tax (GST), India is on the path to becoming a common market with a Gross Domestic Product (GDP) of $2.5 Trillion.
The Indian government envisages a holistic approach towards the development of the nation with a plan of concurrent expansion related to industrial corridors and smart cities. The corridors are supposed to assist further in integrating, monitoring and developing a beneficial environment along with the industrial development. All of this will promote advanced practices in manufacturing processes in India.
– Darshan Parmar.
