Here are Trends Adopted in Indian Economy

At present, India is focusing more on digital innovation and taking various initiatives to augment digital transformation. According to Nasscom’s report, technology investments enterprises in India are growing at 4 per cent CAGR from approximately $38 billion (FY2017) to nearly $45 billion (FY2021). The shift is from hardware-centric to software-centric and now, digital-centric.

The Indian government is observing the new digital shift since Niti Aayog released DigiBoxx, which is a cloud storage, sharing, and collaboration platform, last year. Earlier in May, the Department of Telecom also accepted applications from telecom firms to conduct 5G trials. According to the media reports, DoT acknowledged a 12,195 crore ProductionLinked Incentive scheme for telecom gear manufacturing in India to boost 5G rollouts.

In the report of Nasscom, various Indian enterprises were surveyed. The findings showed that digital initiatives of Indian enterprises are surpassing their global counterparts.  

70 per cent of Indian enterprises have increased their digital infusions mainly to manage supply chain disruptions and enable secure, frictionless, and contactless operations. While 4 per cent enterprises in the country decided to cut down their infusions by more than 10 per cent to direct their money in business continuity strategies. Although, digital spendings is anticipated to bring back to pre-pandemic levels by the cessation of 2021.

Trend in Manufacturing Sector 

Manufacturing companies have inclined on digital technologies like cloud, bots, automation, IoT and AR/VR to limit human intervention in factories. Some of the latest trends seen in the manufacturing realm of India. 

1. Additive manufacturing is enabling rapid prototyping, manufacturing, and repair in real time. This is reducing inventory requirements and decreasing lead times. 

2. IIoT is facilitating remote employee collaboration and workforce tracking, remote asset control, and inventory management 

3. AR/VR is allowing for increased production efficiency through remote assistance, inventory management, virtual inspection, and real-time employee instruction/training. 

4. Automation is reducing human dependency, automating back office processes, and enabling real-time monitoring of assets.

By implementing technology into manufacturing sector, identity verification process expedited,  new revenue streams originated, pricing and destination optimized along with fuel consumption, hyper-personalized products and offers emerged, real-time tracking and routing, augmented flight/fleet utilization and safety, and loading of luggage and cargo. 

The impact of the technology can be seen in other sectors as well. Digital investments are another trend that is witnessed in the business landscape.