Industry 4.0, or the fourth industrial revolution, will have as its mainstay increased digitisation and interconnection of products, value chains and business models. It has been devised by the Niti Aayog.
Fiscal support such as subsidies or tax breaks for a fixed period could be considered for industries adopting the standard, the official said. Aayog will initiate stakeholder consultation before the government introduces a policy in this regard, the person said.
Adoption of this standard is expected to give a huge boost to micro, small and medium enterprises (MSMEs) that manufacture products such as sensors, actuators, drives, synchronous motors, communication systems, computer displays, and auxiliary electromechanical systems used in digitisation and new tech.
Adoption of Industry 4.0 is expected to result in operational efficiencies, cost control and revenue growth, and could have significant impact on sectors such as automobile, pharmaceuticals, chemicals and financial services, the official said.
The move weighs high on the government agenda that is keen to make it easier to do business in the country, and is eyeing technology including artificial intelligence in a big way.
Prime Minister Narendra Modi had in October last year spoken about Industry 4.0 and how it will change the face of industry. “Industry 4.0 will touch those aspects which still remain untouched so far,” he had said while speaking at the launch of the World Economic Forum (WEF) Centre for the Fourth Industrial Revolution. “It will change the nature of the job and create new opportunities.”
BJP’s election manifesto had also promised to chalk out a new industrial policy with an eye on Industry 4.0 with technologies such as artificial intelligence and electric mobility.
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4 Comments on this Story
Sathish Edakatmana506 days ago
Either author is confused about the Industrial 4.0 or now I am confused. Is it a standard...no it is a very generic term for latest Technology integrated solution. It is true that union govt want our industrial output is improved so that we succeed in Make in India. It will improve our economy and per capita income.
Ramalingam Ramakrishnan506 days ago
Industry 4.0 is neither a standard nor devised by Niti Aayog. It relates to a new phase in Industrialization - the fourth. It was coined in Germany and puts together how many many technologies such as Automation, Cloud, AI, Big data, Internet Connectedness among machines etc. will transform Manufacturing activities by leaps and bounds. It is very important for us to latch on to this phase and do well - many govt. initiatives and change in the view MSMEs.
A.k.khanna506 days ago
we have to train man power to face the challenges for our traditional mind set to adopt the New Technology in till unless it is thrust upon by the Government of India.