Technology is the DNA of successful Engineering Industry whose performance mirrors the Industrial progress of a nation. 75 % of Indian companies are grappling with manufacturing stage 1.0 and 2.0 (commonly known as system of production and distribution) and annually 25% of the companies are either planning or executing manufacturing at stages 3.0, 4.0 & 5.0 while World is talking of Industry 4.0! Indian Engineering and Manufacturing need to move up the value chain my making a gradual shift to R & D, Innovation, Development of New Products and Services, Expansion of facilities which will also alleviate vulnerability of Engineering Exports to market downturns.
India ranks third among the most attractive investment destinations for technology transactions in the world. Modern India has had a strong focus on science and technology, realizing that it is a key element of economic growth. India is among the topmost countries in the world in the field of scientific research, positioned as one of the top five nations in the field of space exploration.
In manufacturing context, innovation can be said as something that is newly introduced at any level of value addition entailed in the production process and the change is successfully commercialized. Innovation is measured with respect to performance and growth, led by upgradation in efficiency, productivity, quality, competitive positioning and/or market share of the company. It can be broadly classified into the following four categories, depending on the area of business where a change has been introduced:
India has a total of 25 innovation centres in the country and has been ranked as the top innovation destination in central and southern according to Global Innovation Index (GII). The country accounts for 27 per cent of Asiaâ€™s new innovation centres. India’s analytics industry is expected to touch US$ 16 billion by 2025 from the current US$ 2 billion. India is aggressively working towards establishing itself as a leader in industrialisation and technological development. India is likely to get into the list of the top 25 nations in the Global Innovation Index, in the next 10 years. India has emerged as the most preferred destinations for innovation in Asia and the third biggest, globally with Bengaluru, the â€˜Silicon Valleyâ€™ of the East, leading the charge.
Make in India, Digital India, Smart Cities, Development of Industrial Corridors and the targeted goals of achieving Indiaâ€™s share of 5% in the Global trade by 2022, the Ministry of Commerce and Industry, Government of India has begun a technological upgradation initiative for boosting engineering manufacturing and exports through EEPC India as the lead implementing agency. Technology Centre in Bengaluru, the first such initiative by any Indian EPC and Technology as the focus of the Annual Show of EEPC India underscores the emphasis laid by EEPC India on Innovation and Technology.