INDUSTRY 4.0 AND 5.0: STRATEGIES TO RESTORE INDIA'S MANUFACTURING SYSTEM
Keywords:
Industry 4.0 and 5.0, Smart Factory, Smart Products, Global Manufacturing Competitive Index, Smart Operations, Data-driven ServicesAbstract
India has emerged as a global economic powerhouse, ranking sixth in nominal GDP and third in Purchasing Power Parity (PPP). The Indian manufacturing system needs to be reoriented to meet the IR 4.0 and IR 5.0 standards.
The research is based on secondary data; published research papers on IR 4.0 and 5.0 from various journals, magazines, and reports from various consulting firms are gathered and reviewed to understand the research content and findings of various researchers worldwide. Data on Industry 4.0 is collected from official studies conducted by consulting firms, whilst data on policy is derived from published papers by the Indian government.
The researcher reveals that technical education and vocational training in future technologies will be critical to the success of Industry 4.0 and 5.0. Traditional education needs to be transformed, reinvented, and reoriented under the guidance of IITs and NITs to guarantee that universities become centres of excellence. When it comes to manufacturing competitiveness, India trails well behind China. The government should take precautions to avoid brain drain from the country. It should also encourage universities and IITs to do more quality research, develop application-oriented discoveries, and increase the number of patents.
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