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Written by 9:40 am Manufacturing Processes

Indian manufacturers target profit growth with sustainable practices through Industry 5.0: PwC Survey, ETCFO

Indian manufacturers are increasingly embracing sustainability to drive profit growth, with a majority aiming for a two- to threefold rise in profits over the next three to five years, as per PwC’s recent report, Decoding the Fifth Industrial Revolution. The report, spanning six industries, reveals that 93% of manufacturers are adopting Industry 5.0 to integrate sustainable practices and enhance revenue.

The PwC study highlights that more than half of Indian manufacturers are prioritising investments in sustainability this year. Efforts include leveraging digital technology to integrate renewable energy sources and boost energy efficiency. Additionally, 52% of senior executives in the sector are focused on fostering a culture of lifelong learning among employees, aiming to build a resilient workforce adept at using advanced technology.

Bolstering performance

PwC’s findings underscore that adopting Industry 5.0 could bolster manufacturers’ financial and operational performance, projecting a revenue increase of 6.42% over the next two years. Without these capabilities, however, manufacturers may have missed an estimated 4.37% of their FY24 revenues.

In sector-specific insights, the cement and industrial goods industries are leading in tech-driven inventory management, with 95% of manufacturers investing in real-time tracking systems. This focus reflects a broader trend across sectors, where responsive supply chains and renewable energy adoption are seen as vital investments for risk management and sustainable operations.

The report also details sectoral challenges, particularly in adopting Generative AI. Executives report that secure access to such technologies remains a barrier across industries, including chemicals, textiles, cement, and automotive. Cybersecurity is another top concern, with 46% of executives prioritising measures to safeguard data and ensure operational integrity.

Industry leaders agree that Industry 5.0 offers a competitive edge by enhancing productivity and creating synergy between human and machine capabilities, a shift executives see as key to long-term sustainability and resilience in the manufacturing sector.

  • Published On Oct 25, 2024 at 04:33 PM IST

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