New Delhi: According to a report by the PwC which was released on Friday, at least 93 per cent of manufacturers in India are adopting Industry 5.0 to boost revenues and drive sustainable practices. By adopting sustainable practices, they aim to boost profits in the next three to five years by 2 to 3 times.
The title of the report is ‘Decoding the Fifth Industrial Revolution: Marching towards a resilient, sustainable and human-centric future’ and it covers six major industries. According to the report, Industry 5.0 gives a way to improve performance, both financial and operational while building a manufacturing ecosystem centred on humans.
The report states that this year, over 50 per cent of the manufacturers in India are prioritising investments in sustainable practices. These investments aim to leverage digital technologies to adopt renewable energy sources and enhance energy efficiency, among other things. Industry 5.0 marks a shift from giving priority to economic value to the creation of societal value, and the focus will move from mere welfare to overall well-being.
As per the report, more and more Indian manufacturers are investing in adopting renewable energy and energy efficiency thanks to advanced digital technologies. Also, the report noted that 52 per cent of senior executives are focusing on a culture of lifelong learning for the workforce’s upskill, preparing them for the symbiotic integration of AI, robotics, and IoT.
Once they adopt Industry 5.0, the revenue of the Indian manufacturers is expected to increase by an average of 6.42 per cent over the next two years. As per the manufacturers, their underdeveloped Industry 5.0 capabilities have possibly cost them 4.37 per cent in the financial year revenues. The financial year in question here ended on March 31, 2024. Meanwhile, the cement, textiles, and chemicals sectors could see the highest revenue growth and potential expansions may surpass 7 per cent.
A bond between humans and technology
Industry 5.0 is a defining moment as it creates a symbiotic relationship between humans and advanced technologies like robotics, artificial intelligence (AI), and the Internet of Things (IoT). The workforce will receive extensive training and will experience the potential of machines to supplement and also complement their skills which would enable the workers to do their jobs faster and better. Also, it would dispel misgivings and apprehensions about machines and the fear of job losses due to machines.
