New Delhi, Oct 25 (IANS): With the ‘Industry 5.0’ adoption, the domestic manufacturers will be able to increase their revenues by 6.42 per cent over the next two years, building momentum towards greater sustainability and resilience, a report showed on Friday.
More than nine in 10 Indian manufacturers are prioritising sustainability to target 2-3 times rise in profits over the next three to five years, according to the research conducted by PwC.
Covering six industries, the report found that 93 per cent of Indian manufacturers are embracing Industry 5.0 to drive both sustainable practices and boost revenues.
Moreover, more than 50 per cent of the domestic manufacturers are prioritising investments this year in sustainable practices.
These investments are aimed at leveraging digital technologies to adopt renewable energy sources and enhance energy efficiency, among other things.
Additionally, 52 per cent of top executives at leading manufacturing companies are also allocating investments this year towards building a culture of lifelong learning.
“Industry 5.0 represents a defining moment for the manufacturing sector – one that creates a symbiotic relationship between humans and advanced technologies like artificial intelligence (AI), robotics and the internet of things (IoT),” said Sudipta Ghosh, Partner and Industrial Products Leader, PwC India.
Companies that fast-track their adoption of these capabilities will establish a competitive edge in the coming years, as transformation is crucial for building a sustainable and resilient future with humans as an integral part of this transformative journey, she mentioned.
According to the research, manufacturers estimate that their companies are likely to have foregone 4.37 per cent of their FY24 revenues due to lower maturity in ‘Industry 5.0’ capabilities.
In the cement and industrial goods sectors, for instance, 95 per cent of manufacturers are prioritising investments in real-time inventory tracking, this year and the next, the report noted.
Executives from the chemicals, cement, and textiles and clothing sectors believe that their industries would see the most significant gains from the adoption of Industry 5.0, with potential revenue expansion exceeding 7 per cent.