Number of Figures: 13
The manufacturing industry in India has transformed itself in the past few years, starting with the liberalization of the economy in the 1990s to the current industrial reforms aimed at attracting FDI and eventually increasing employment and manufacturing contributions to the GDP. In order to cater to the ever-increasing regional demand and take advantage of the favorable economic policies, manufacturing companies have been keen to set up production facilities across various parts of the country. Most of the companies are trending toward creating a digital arm and an image in order to leverage the benefits that could be provided through existing technologies. The presence of a strong IT services sector has, in fact, aided in providing application support, systems integrations, and key manufacturing technology rollouts.
At the same time, companies have looked beyond the availability of labor at competitive wages and have started investing in technologies in order to reap the complete benefits of a highly connected ecosystem. "The new-age customers are extremely informed on the available products, and in order to compete, most of the companies are looking toward technologies that would aid in creating customer-centric products while ensuring customer engagement stays alive through value-added services long after the actual product sale," says Sampath Kumar Venkataswamy, research manager, IDC Manufacturing Insights.