The Future of Manufacturing in India

The COVID pandemic and the associated dislocations have had an unprecedented impact on the global economy. While it was certainly devastating to our health, businesses, and the global economy, it also disrupted global value chains (GVCs) and manufacturing, forcing organizations to reimagine production processes and build resilience. 

Amid the ongoing GVC shift and the rapidly evolving post-pandemic realities, organizations continue to re-evaluate their manufacturing and supply chain strategies, with a focus on emerging economies. As India is poised to become the global manufacturing hub, and 25% of GDP is expected to come from manufacturing by 2025, disruptive innovation to enhance the country’s manufacturing capacity and capabilities and bring them at par with existing powerhouses is the need of the hour.

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Advances in Manufacturing: The Need of the Hour

Leading companies are rapidly adopting innovation and technology across manufacturing and supply chains to drive transformation and efficiency. They are rethinking their revenue models, enabling agile systems and re-aligning strategies with customers’ new consumption models to differentiate and win in the market.

Multifaceted marketplaces and ecosystems can help innovate faster and better, allowing companies to collaborate with a wider set of partners. With circular and well-integrated structures, companies can generate value in the long run with active recycling and reuse of the same resources, accelerating their journey to net-zero emissions. Tech-enabled ecosystems can provide organizations with greater insights into customer choices and purchase behaviors to understand and respond to rapidly changing consumer demands.

Better collaboration between buyers, sellers, and enablers through remote interaction helps in learning and enhances the participation of players within a defined business ecosystem. Many organizations around the world are experimenting with marketplaces to bring together fragmented, complex, and non-transparent value chains. In addition, reworking the revenue model through developed relationships and shared responsibilities can enhance the performance of all stakeholders. New revenue models can provide greater flexibility, recurring cash flows, engagement with customers and turn suppliers into long-term partners for sustainable success.