Introduction Of New Policies To Create Revolution In Indian Industry 4.0 Technology Market

Jan-2019 | 99Strategy | Technology

Industry 4.0 is an assimilated process that includes automation tools, robot controls, and large data analyzes. This combined system helps the manufacturer to certify the control, knowledge, integrity, and visibility of the manufactured product. Industry 4.0 has made industries intelligent in which almost all operations are managed by the integrated cyber-physical system.

The new industrial policy, developed by the Ministry of Commerce in consultation with all Indian ministries, state governments, industry, and all stakeholders, reflects the government's intention to align India with emerging technologies such as artificial intelligence and drones in India, said, Minister of Trade, Industry and Civil Aviation of the Union, Suresh Prabhu, at the commencement of the Center for the 4.0 Industrial Revolution in India by the World Economic Forum (WEF), which is based in Geneva.

The minister added that the policy was associated with the challenges and opportunities for India with the technologies of the Fourth Industrial Revolution and would put the nation firmly in the global supply and value chains.

The WEF established a center for the fourth industrial revolution in Maharashtra. The other centers are located in San Francisco, the United States, China, and Japan. Blockchain, AI, and drones are the first three projects of the center in India. WEF will collaborate with NITI Aayog, start-ups, universities, and business leaders for their involvement of these projects.

He also stated that digital technology was the driving force behind the fourth industrial revolution and that India was on its way to digital in all aspects of governance. This will help the country make a quantum leap in the global supply chain market. He also explained the “Digi Yatra” recently released by the Ministry of Civil Aviation as an example of India's vision to make the country a digitally autonomous society.

The global industry 4.0 market is expected to present multiple prospects for the major developed industries under it to expand their business steadily.