The manufacturing industry in India driven by technological innovations and transformations is at the cusp of unprecedented growth. With homegrown manufacturing brands upping the ante, India has successfully launched itself as a global manufacturing hub in the last few years. From mobile phones, electronics, automobiles, healthcare sectors to much more, India’s manufacturing industry has made an indomitable mark for itself. The world, especially Post COVID-19 is looking for an alternative to China, and India perfectly fits the bill with its huge manufacturing capabilities and availability of skilled resources. While homegrown companies are spearheading the manufacturing growth story, there are brands from across the globe setting up their manufacturing units in India giving the industry a much-awaited impetus. As we look into the bright future of the manufacturing industry a few trends are driving the growth.
Advertisement
Shift towards quality over quantity
Today, more and more industries are focusing on quality over quantity. Post-pandemic there is heightened awareness about one’s wellness and every consumer is conscious about the products that he or she uses, and this has steered companies to take note of the importance that users place on good quality products. Many Indian products stepped up to meet the rising demand by utilizing their state-of-the-art technology and human resources, and offered a wide range of products that consistently meet the highest quality standards and scientific precision. This demonstrates the importance of local innovation in manufacturing and efficiently addresses challenges during the global crises. Sharing his views on India’s ability to manufacture world-class products, Mr. Abhaynoor Singh, Director, Tynor Orthotics says, “The orthopedic sector has observed a remarkable surge post-COVID, marked by a growing demand for quality-oriented products and heightened awareness about post-pandemic body health. This surge aligns with a shift towards value-based care models prioritizing patient outcomes over volume, reflecting a rising demand for orthopedic services in today's fast-paced lifestyle. Evolving regulations foster innovation, emphasizing preventive measures as pivotal for a healthier life, signifying a global shift towards proactive health and wellness.”
Advertisement
Technological advancements in manufacturing
The most important trends across genres that have propelled the growth and success of the manufacturing industry is embedding technology into the process of manufacturing. Technological enhancement with the optimum usage of innovations such as Artificial Intelligence, Augmented Reality and Internet of Things (IOT) has helped the industry stay ahead of its time. Brands are willing to invest heavily in technology innovations and R&D. This has led to widespread advancements in all fields taking a leap forward towards modernization. Mr. Nitin K David, Co-Founder, Oakter sharing his views on technology enhancements informed, “Today companies have already taken a giant leap into technology upgradation. Brands carry out industrial designing of products in-house in addition to designing robust, aesthetically, and ergonomic designs with the required IP ratings. We too have an automated assembly line validation using AI/ML which is custom developed in-house. Many manufacturing units have automated sourcing logistics using predictive demand/supply calculations using AI/ML. The focus is on automation which assures quality and better utilization of time resulting in economies of scale.”
He further attributed the disruption in the past few years in terms of taxation due to the emergence of GST. Acknowledging the fact that there has been massive improvement in road infrastructure, bringing down the logistics cost and this coupled with increasing number of electronics design and manufacturing companies mushrooming across India over the last few years, he stated that the onus would actually be on great designs to come out of India rather than imported with cutting-edge Innovation, thereby attracting one of the brightest minds in the trade.
Constant innovations across genres
The Make in India story can only be a reality if the manufacturing industry can match up to the changing trends of the industry. For many brands, the manufacturing model is an active Research and Development division collaborating with skilled human resources to drive innovations. By leveraging state-of-the-art technology and high-quality materials, many Indian brands are consistently establishing new benchmarks in the manufacturing industry. The Indian soft goods manufacturing businesses are actively competing with China to boost Make in India products. Emphasizing quality, cost-effectiveness, innovation, and efficient supply chains, they aim to challenge China’s dominance globally. Mr. Abhaynoor Singh reflected on Tynor’s growth story, “With over 30 years of industry experience, we at Tynor exemplify a successful ‘Make in India’ approach, prioritizing precision, customization, and stringent quality adherence. Our core values center around innovation, continual upgrades, and lean manufacturing processes, so as to ensure consistent quality across all our product ranges.”
Advertisement
Meanwhile, adaptability is also key, and manufacturers must acclimatize to evolving consumer preferences, responding to the burgeoning purchasing power of Indian consumers. This convergence of global opportunities and evolving consumer dynamics Points to a promising trajectory for the Indian manufacturing sector, necessitating an agile, innovative, and consumer-centric approach to catering to the changing market dynamics and ensuring sustained growth.
Today, consumers expect Indian products to mirror the finesse, comfort, durability, and scientific validation of international high-end brands, and this expectation extends beyond products and encompasses service standards as well. This expectation is definitely being met satisfactorily by India’s burgeoning manufacturing industry. Also with the government’s push in the right direction with the allotment of PLI 2.0 scheme for 27 brands which is expected to boost the confidence of the manufacturing industry by encouraging localization, developing a health supply chain and bringing a lot more upgradation into the ecosystem.
