Industry 5.0, which is focused on integration of advanced technologies such as AI, AR, big data analytics into processes, will help make manufacturing industry more “human-centric, sustainable and resilient”.
“By utilising big data generated by IoT and utilising AI-based software for improving productivity, the manufacturing industry can offer differentiated and customised offering to consumers. Integrating green technology and optimising AI is the way forward. This era promises to be an exciting future of growth, innovation and global competitiveness for MSMEs,” Mr Sanjeev Rastogi, Director – Production, Braithwaite & Co, said. He was speaking at the 3rd Edition of Manufacturing and MSME Conclave Industry 5.0 – The Future of Manufacturing & MSMEs, organised by Assocham here on Friday.
SIDBI has been working in a focused way to address the challenges being faced by MSMEs. “We have been working on green financing for nearly 10 years by adopting a cluster approach. We have been conducting energy audits in specific clusters and based on energy audits we have been able to identify where carbon emissions can be reduced. We have been financing those requirements of MSMEs to help them fine tune their production, machineries and technology etc,” Mr Pramod Kumar Vijayvargiya, General Manager, SIDBI said.
Mr Subrata Roy, Chief Operating Officer, Vesuvius India Ltd, said, by leveraging machines to focus on conducting monotonous tasks, the human capital can shift their focus on value-added activities such as product design, quality control and innovation. This will not only improve operational efficiency but also help enhance the overall work experience making jobs more engaging and fulfilling.
“One of the key things about Industry 5.0 is the emphasis on personalised manufacturing. Consumers today demand products tailored to their specific needs and preferences. Industry 5.0 makes this possible by combining AI, ML and human experience and manufacturers can produce customised products with same efficiency and cost effectiveness as done in mass production. Using these, MSMEs can gain a competitive edge by offering bespoke, high-quality products that meet the unique needs of individual customers,” he said.
According to Mr Sudipta Mukherjee, MD, Texmaco Rail & Engineering Ltd, Industry 5.0 is more about adopting an informed, aligned and recognised approach as things in insolation might not have the multiplier effect which an inclusive approach might bring.
A majority of Indian MSMEs are currently operating at Industry 2.0 or Industry 3.0 levels, characterized by mechanization and basic automation. These levels are far behind the advanced integration and automation seen in Industry 4.0 and the emerging trends of Industry 5.0, which emphasize human-centric solutions and sustainable practices, Mr Akhilesh Jain, Chairman, MSME Sub Council, Assocham Eastern Region Development Council, said.
“Compared to other major economies like Germany, USA, Japan and South Korea, where more than 40% MSMEs have already integrated IoT and automation technologies into their operations, only 15% Indian MSMEs have achieved this feat. One of the main challenges is that most of them are not fully aware of the benefits of upgrading their back-end processes. It has been found that almost 60% of MSMEs have cited lack of awareness as a major barrier to adopting new technologies. In this context, today’s program would be highly beneficial for MSMEs willing to enhance their efficiency and productivity. Other challenges related to lack of adequate Government funding, skilled workforce, technological infrastructure, etc., need to be addressed as well,” Mr Jain pointed out.
