Gurugram, July 14, 2024: The Indian automobile industry is driving the nation’s economic growth, contributing 7.1% to the GDP and employing over 37 million people.
This was highlighted by Rajiv Gandhi, Chairman of the Automotive Industry 4.0 Summit and Executive Board Member of Maruti Suzuki India, at the Confederation of Indian Industry’s (CII) 8th Automotive Industry 4.0 Summit.
As India’s car market continues to grow, the industry is poised to play an even bigger role in the country’s economic development, powered by innovation and cutting-edge technology.
Gandhi emphasized that as India is set to become the world’s 3rd largest passenger car market, the future holds immense potential.
"The rise of electric vehicles (EVs) and the integration of Industry 4.0 technologies offer unprecedented opportunities, but the industry must navigate stringent regulations around safety, emissions, and carbon neutrality," he said.
He stressed that the sector's future success hinges on innovation, digitalization, and collaboration.
Deepak Jain, Chairman of Lumax Industries, echoed this sentiment, focusing on the transformative impact of Industry 4.0 across the automotive value chain.
"Technologies like AI, robotics, and smart factories are shaping a new era in manufacturing," Jain noted.
He also underscored the importance of upskilling the workforce, particularly in India's small and medium enterprises (SMEs).
Dr. B K Panigrahi, Professor at IIT Delhi, stressed the need for collaboration between academia and industry. "AI relies on human intelligence for sustainability," he remarked, calling for greater innovation through partnerships.
A joint report by CII and Roland Berger, "Industry 4.0: Impact Across the Automotive Value Chain," was also released at the event, which featured 30 sectoral experts and more than 400 delegates.
The event spotlighted the need for the Indian auto sector to embrace advanced digital technologies.
Nishant Arya, Vice Chairman of JBM Group, highlighted how tools like IoT and AI are enhancing the sector's capabilities, enabling real-time diagnostics and boosting efficiency.