India is one of the fastest-growing economies in the world, with a large and young population, a strong education system, and a vibrant startup ecosystem. India has the potential to become a leader and a beneficiary of Industry 4.0, as it can leverage its strengths in information technology, software development, and engineering, as well as address its challenges in infrastructure, energy, and environment.

Factors supporting India to become a superpower in Industry 4.0 are:

• The government’s initiatives and policies, such as Make in India, Digital India, Skill India, Startup India, and Atmanirbhar Bharat, aims to promote manufacturing, digitalization, innovation, and self-reliance in various sectors. The government has also allocated funds and incentives for research and development, infrastructure development, and technology adoption in Industry 4.0.
• The industry’s readiness and willingness to adopt and invest in Industry 4.0 technologies, such as artificial intelligence, internet of things, cloud computing, and blockchain. According to a survey by PwC, more than 80 percent of the Indian manufacturers are expecting a significant increase in efficiency and revenue from Industry 4.0, and more than 60 percent of them are planning to increase their spending on Industry 4.0 in the next five years.
• The talent pool and the skill development of the workforce, enable the creation and implementation of Industry 4.0 solutions. India has a large and young population, with more than 1.3 billion people, of which more than 50 percent are below the age of 25. India also has a strong education system, with more than 1.5 million engineering graduates every year. A vibrant startup ecosystem, with more than 50,000 startups, of which more than 9,000 are in the technology sector.

The predictions and statistics supporting the analysis for India to become a superpower in Industry 4 technologies are:-

• According to a report by Mordor Intelligence, the Indian IoT market is expected to grow at a CAGR of 25.2% during the forecast period (2021 – 2026), and reach a value of USD 15.6 billion by 2026. IoT is one of the key technologies of Industry 4.0, as it enables data collection and analysis from various sources, such as machines, vehicles, devices, and environments.
• According to a report by NASSCOM, the Indian AI market is expected to grow at a CAGR of 30.8% during the forecast period (2019 – 2025), and reach a value of USD 16.06 billion by 2025.
• According to a report by IDC, the Indian cloud market is expected to grow at a CAGR of 22.2% during the forecast period (2018 – 2023), and reach a value of USD 7.1 billion by 2023.
• According to a report by PwC, the Indian blockchain market is expected to grow at a CAGR of 58.7% during the forecast period (2018 – 2024), and reach a value of USD 5 billion by 2024. Blockchain is another key technology of Industry 4.0, as it enables data verification and security using distributed ledger and cryptography.
• According to a report by McKinsey, the adoption of Industry 4.0 technologies can boost India’s GDP by USD 0.5 trillion to USD 1 trillion by 2025, and create 60 million to 65 million new jobs by 2025. Industry 4.0 can also help India address its challenges in infrastructure, energy, and environment, and enhance its competitiveness and innovation.

Sources:- weforum, Harvard Business Review, London School of Economics, youth kiawaaz, forbesindia, the indianexpress, acodez