For India which is set to achieve its US$ 5 trillion GDP goal by 2024-25, it is important for the government to encourage IT-enabled manufacturing for efficient production and in high-quality throughput. Government should incentivize manufacturing companies to use automation to achieve world-class manufacturing, similar to the PLI scheme. Subsidies for tech adoption, loans, and access to funding especially for smart warehousing, shopfloor automation, and visual inspection processes are key. To drive the ‘make-in-India’ initiative faster, there should be a reduction in import duties for raw materials such as steel, and cameras, and lenses that are not manufactured in India.
Investments in AI, ML, and IoT technologies should increase along with a focus on skill-development programs while incentivizing organizations that deliver regular training and upskilling to employees. The emphasis should be on establishing a strong talent pool with these new-age digital skill sets that enhances productivity and operational excellence.
Globally India has the third highest number of startups after the US and China and for the startup ecosystem to thrive Government should further incentivize employment through the standardization of ESOP treatment.-Sekar Udayamurthy, CEO and Co-founder, of Jidoka Technologies,