India on the path to its next industrial revolution, Industry 4.0, say analysts
India is on the path to its next industrial revolution, Industry 4.0, as per analysts at Anand Rathi Share and Stock Brokers.
While urging Textile industry leaders to focus on speed, skill, and scale, Union Textile Minister Piyush Goyal said on Sunday that it was time to create 100 Indian Textile machinery champions recognized across the world.
Interacting with the leading Textile Machinery Manufacturers in a video conference on ‘Technology Gap and Way Forward for Textiles Machinery Manufactures’, the Minister asked them to get out of their command-and-control mindset and work through plug and play to make the textile sector vibrant in name and spirit.
He said India should be looking to become a global player in producing textiles machinery, producing at scale, producing with quality and quantity the machinery of choice that the world requires.
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The Minister said India was not against imports “but we must reduce the import dependency of the textile machinery in India by concerted effort between Textile Engineering Industry and Government together. Focus on quality would help to capture bigger markets and higher productivity, he added.
He said a modern and upgraded textile machinery ecosystem would have a cascading impact on the unorganized Indian textile industry. This would set the momentum for continuous advancement and innovation resulting in ever-evolving and enhancing competitive capabilities along the value chain, the Minister said.
The machinery manufacturing facility would change the inertia of the status quo, augment the dynamics along the value chain and enhance the domestic consumption, and further boost the exports of higher value goods while gradually reducing the import dependency, the Minister said.
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