There was a news from Press Information Bureau Government of India on National Capital Goods Policy and quoted that,
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for National Capital Goods Policy. This is first ever policy for Capital Goods sector with a clear objective of increasing production of capital goods from Rs.2,30,000 crore in 2014-15 to Rs.7,50,000 crore in 2025 and raising direct and indirect employment from the current 8.4 million to 30 million.
The policy envisages increasing exports from the current 27 percent to 40 percent of production. It will increase the share of domestic production in India’s demand from 60 percent to 80 percent thus making India a net exporter of capital goods. The policy also aims to facilitate improvement in technology depth across sub-sectors, increase skill availability, ensure mandatory standards and promote growth and capacity building of MSMEs.
The Policy will help in realizing the vision of ‘Building India as the World class hub for Capital Goods’. It will also play a pivotal role in overall manufacturing as the pillar of strength to the vision of ‘Make in India’. (http://pib.nic.in/newsite/PrintRelease.aspx?relid=145622)
This article is not about the capital goods but, one of the interesting things of this policy is that, in this policy the word Industry 4.0
has been used first time keeping in view achieving target by 2025.
So, it is interesting to understand basic of Industry 4.0
, what it is and why it is so important.
Here, the 10 points must know regarding Industry 4.0 as a basic:
- The term Industry 4.0 first introduced in 2011.
- Industry 4.0 is more than a buzzword.
- This is a project launched in Germany under name Industrie 4.0.
- The term Industry 4.0 is refers to fourth industrial revolution, as smart factory. One of the e.g. is “Internet of things”.
- The other three industrial revolutions are :
- First: Manual production to steam powered engines and water as a power source.
- Second: Electrical energy as power source.
- Third: Use of electronics and IT
- This is also called as 4IR (Fourth Industrial Revolution), Smart Factory or Smart Industry.
- Industry 4.0 is based on six design principles and they are :
- Real-Time Capability
- Service Orientation
- Industry 4.0 leads to manufacturing process and services with greater and bigger efficiencies.
- Industry 4.0 going to open the new opportunity for future workforce in the areas of data analysis, robot experts are some examples.
- Lastly to my interest, QUALITY , Quality of product and services, and I called this as Automation of Quality Control (AOQC) where real time and historical data will be available for statistical study , six sigma and lean projects.
It is to be well noted that, there are lots of challenges in this approach in implementation, but change is inevitable and that has to……. .