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Boston Brand Media brings you the latest - "Learn how the Department of Technology is accelerating startups by inviting proposals for surveys geared towards driving the adoption of Industry 4.0 technologies. This initiative aims to foster digital transformation within the startup ecosystem, enabling them to leverage cutting-edge technologies and stay competitive in the rapidly evolving market landscape."
SUMMARY -
The DoT has called for proposals from startups and organizations to create a survey aimed at comprehending the obstacles encountered by micro, small, and medium enterprises (MSMEs) and startups when integrating new technologies. The government has stipulated June 11 as the deadline for applicants to submit their proposals for this purpose.
Undertaken by the Telecom Centre of Excellence (TCoE), the baseline survey aims to grasp the current readiness of the MSME sector in embracing Industry 4.0 technologies and pinpoint areas for enhancement.
Boston Brand Media also found that this initiative will empower the DoT to prioritize investments and make well-informed decisions concerning strategic directions in this domain. Through this, the DoT will discern the specific requisites of at least 10 sectors to promote innovation. Industry 4.0 encompasses the integration of AI, IoT, robotics, and big data in manufacturing and industrial processes.
The survey will identify sector-specific needs and preferences, catering to the diverse landscape of MSMEs, aiming to provide tailored support for innovation and competitiveness, as per a government statement. Over 90 days, the survey will encompass five sectors each in northern and southern India, with its outcomes poised to inform policy interventions fostering the adoption of emerging technologies among MSMEs.
The TCoE emphasized in its proposal call that the survey should not only tackle immediate hurdles to digital transformation but also pave the way for the "cyber-physical system" by integrating 5G and 6G technologies, leveraging the capabilities of high-speed telecom networks. The survey involves gathering primary data through both online and offline means, analyzing this information to identify patterns, and generating a comprehensive report highlighting the findings.
Following this, the selected startup or organization must propose policy changes to support the implementation of the survey results. These recommendations, according to the DoT, should improve the efficiency of the MSME sector while facilitating increased production with minimal or no additional cost.
This initiative to conduct the survey coincides with a significant transformation in the domestic manufacturing sector driven by emerging technologies like AI and robotics. Industry 4.0 aims to harness technology to enhance production capacity and quality, optimize resource utilization, and offer cost-saving benefits through automation.
According to a report by McKinsey, Indian companies could potentially boost operating profits by 40% through the adoption of Industry 4.0 across various functions like manufacturing, supply chain, logistics, and procurement, with less than 10% of the planned capital expenditure. Consequently, the government has intensified its focus on this new manufacturing paradigm. For instance, it is facilitating the establishment of four centers across the country to assist SMEs in implementing Industry 4.0.
This emphasis has spurred a wave of startups in India catering to small businesses seeking to adopt emerging technologies. For example, earlier this year, B2B deeptech startup Groyyo secured INR 40 Cr in debt financing from Lighthouse Canton and Trifecta Capital. Similarly, last year, another deeptech SaaS startup, Twyn, raised $1.25 Mn in a pre-Series A funding round led by JITO Incubation & Innovation Foundation.
For questions or comments write to writers@bostonbrandmedia.com
Source: INC42
