Indian manufacturers see technology adoption as key to profitability, yet allocate less than 10% of budgets
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However, the report added that a shift towards higher investment--targeting 11-15 per cent of budgets--is expected in the next two years, particularly in Internet of Things (IoT), robotics, and Big Data.
Challenges such as high costs, unclear Return on Investment, and the integration of legacy systems persist, especially for small and medium enterprises (SMEs), it said.
Additionally, the report underscores the urgent need for workforce upskilling to bridge the skills gap and enable seamless adoption of advanced technologies.
The Confederation of Indian Industry (CII) released Manufacturing Competitiveness Study, focusing on the transformative impact of smart technologies on India's manufacturing sector.
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