The ongoing “fifth industrial revolution” is going to augur well for the Indian manufacturing sector, helping increase the revenues of Indian manufacturers by 6.42% over the next two years, according to a study by PwC.
Lower maturity on the adoption of the relevant steps would mean manufacturers would forgo revenue of 4.37% of their FY24 revenues, the study noted.
Industry 5.0 is the next level of industrialisation that focuses on collaboration between humans and machines with a goal to create sustainable products and services.
Also ReadITC posts resilient Q2 results despite challenges; brokerage firms bet on Cigarettes, FMCG biz, says growth outlook remains strong
“Even though the fifth industrial revolution will be tech-heavy, humans will be an integral part of the solution. Also, it is not going to be human versus machines. The sustainability is coming in a big way with 93% of CXOs would want to be known for driving sustainability in their organisations, and they would like to grow their businesses 2-3 times in the next 3-4 years,” the PwC study said.
Given all the unpredictable events at different stakeholders’ levels, organisations are now trying to build solutions that will help them stay in the business for a longer period of time,” Sudipta Ghosh, partner and industrial products leader at PwC India told FE.
“C-Suite executives from the chemicals, cement, and textiles and clothing sectors believe that their industries would see the most significant gains from the adoption of Industry 5.0 with potential revenue expansion exceeding 7%.”
Also ReadHPCL Q2 Results: Profit plummets 97.6% at Rs 142.67 crore on suppressed refining and fuel margins, revenue up 5.6% YoY
With the rise in cybersecurity threats, the study said that 46% executives across industries are prioritising investments in the current and following year towards building capabilities aimed at protecting from cyber threats. “Today’s smart cars are a case in point. They have 100 million lines of code and by 2030, this is predicted to reach 300 million. With cars evolving into sophisticated
containers of software providing mobility, entertainment and buying, they have become prime targets for cyberattacks. Government of India has made it mandatory for automakers to install a cybersecurity management system in both passenger and goods carriers in order to secure vehicles against potential cyberattacks,” the study said.
» Read More
