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India's manufacturing sector is going through a transformation, fueled by adoption of technologies such as Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), robotics, and automation.
This transformation can support the goal of increasing manufacturing's contribution to India's gross domestic product to 25% in the next few years, according to the report titled 'Smart Manufacturing: Unlocking India's Potential'.
«By embracing these advancements, the country can gain a competitive edge globally and establish itself as a manufacturing leader,» said Deepak Shetty, Chairman of the Council on Manufacturing Excellence, CII and CEO & Managing Director, JCB India Limited. The survey covered enterprises of varying sizes, ranging from ₹5 crore to over ₹24,000 crore.
In the next two years, sectors aim to allocate 11-15% of their budgets towards technology investments to boost efficiency and innovation, the report mentioned.
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