Prime Minister on Friday said India possesses the capability to lead the fourth industrial revolution and the government has undertaken a series of reforms to make the country a manufacturing hub of the world.

He said that the fourth industrial revolution is about new technology and innovative thinking.

“Due to various factors, India may have missed being a part of earlier industrial revolutions. But India has the potential to lead Industry 4.0, because, for the first time in recent history, we have many different factors like demography, demand and decisive governance coming together,” he said through a message.

Modi added that the industry and entrepreneurs play a key role in making India a vital link in global value chains. He said, “India has worked on reforms and incentives to make India a tech-powered manufacturing hub of the world,” he added.

Speaking at the event, Heavy Industries Minister Mahendra Nath Pandey said that the government is taking a series of steps to boost manufacturing through industrial revolution 4.0.

“India is moving towards becoming a hub of global manufacturing… 3D printing, machine learning, data analytics and IoT are key to promoting industrial growth,” Pandey said.

He added that the production-linked incentive scheme for advanced chemistry cell (ACC) battery storage will help India in cutting down its imports and become an exporter in the coming years.

Companies selected under the scheme will receive incentives under Rs 18,100-crore programme to boost local battery cell production.

The government has approved the Production-Linked Incentive (PLI) Scheme for ‘National Programme on ACC Battery Storage’ for achieving manufacturing capacity of 50 Giga Watt Hour (GWh).

With the advent of Industry 4.0, the new digital industrial technology, businesses are poised to benefit from the next generation of technological breakthroughs to improve quality, efficiency and productivity

Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter, Instagram.

"Exciting news! Elets technomedia is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!