Over the past few decades, India has witnessed a significant shift in its manufacturing dynamics. Traditionally known for its prowess in textiles, handicrafts, and agro-based industries, the nation has diversified its manufacturing portfolio. With a growing focus on technology, innovation, and skilled labour, India is emerging as a dynamic hub for manufacturing. The sector has evolved significantly, embracing technological advancements and fostering innovation, increasing its contribution to the nation's economic growth.

Initiatives such as ‘Make in India' have been instrumental in fostering a favourable business environment, encouraging investment, and promoting indigenous manufacturing. The streamlining of regulatory processes has contributed to the ease of doing business in the country. Furthermore, production-linked incentives (PLIs) are providing a substantial boost to various manufacturing sectors. By incentivising domestic production, India is not only aiming to attract investments but also propelling the growth of critical industries. The PLI scheme, tailored to align with global manufacturing trends, is aimed at ensuring that India remains competitive on the international stage.

Current status

India's target of achieving the milestone of 1 trillion dollars by the year 2028 is promising, with key industries such as chemicals, pharmaceuticals, electronics, automotive, industrial machinery, and textiles playing a pivotal role. This promising outlook underscores the diverse and expansive opportunities for export-led growth within the Indian manufacturing landscape.

As we move into an era dominated by Industry 4.0, India has shown a commendable ability to integrate cutting-edge technologies such as artificial intelligence, robotics, and the Internet of Things into its manufacturing processes. We must invest in building a skilled and adaptable workforce. Collaboration between industry and educational institutions is essential to designing programmes that equip individuals with the knowledge and skills demanded by modern manufacturing. Training initiatives should focus not only on technical skills but also on fostering innovation, problem-solving, and adaptability to technological changes.

The role of the lubrication sector in the manufacturing industry

The lubrication market emerges as an unsung hero in ensuring the smooth operation and longevity of machinery—the backbone of any manufacturing setup. Lubricants play a pivotal role in reducing friction, preventing wear and tear, dissipating heat, and protecting vital components. The lubrication market is not just a small participant in India's industrial sector; rather, it is a vital ally that helps to guarantee the longevity and operating effectiveness of machines.

One of the primary contributions of the lubrication market to the manufacturing sector is the enhancement of operational efficiency. Proper lubrication reduces friction between moving parts, minimising energy consumption and maximising output. In a country where energy costs can be a significant factor in overall production expenses, the role of lubrication in driving energy efficiency cannot be overstated.

Despite the crucial role of lubrication in the manufacturing sector, some challenges need to be addressed. The lack of awareness regarding the importance of proper lubrication practices, especially among small and medium enterprises (SMEs), is a significant hurdle. Initiatives aimed at educating manufacturers about the benefits of quality lubrication and its long-term impact on operational efficiency are crucial.

ExxonMobil has had the privilege of contributing to the lubrication needs of diverse manufacturing sectors in India. Our commitment to innovation fits in perfectly with the evolving requirements of this dynamic industry. As the manufacturing sector embraces advanced technologies, we continue to invest in research and development to provide lubricant solutions that meet the ever-changing demands of modern industrial processes.

Digitalisation in the manufacturing sector

In an era marked by rapid technological advancements, industries across the globe are undergoing transformative shifts. The traditional manufacturing industry, in particular, is witnessing a sea of change since the advent of advanced digital technologies that drive greater performance. Once rooted in man-machine interactions, manufacturing businesses are today rapidly riding the wave of digitalisation to accommodate expectations of safety, reduce negative environmental fallout, and increase precision and efficiency in managing operations.

A PWC India survey shows that digital transformation is high on the agenda for the manufacturing sector, and 54 per cent of the companies have implemented artificial intelligence and analytics for business functions.

Navigating the future

The high growth rate in the latest quarter affirms India's position as the fastest-growing major economy. Achieving a growth rate of 7.6 per cent in the second quarter is a noteworthy milestone for the country. India has ascended to become the world's fifth-largest economy and is expected to become the third-largest economy by 2030. [1]

India's ambition to become the next big global manufacturing hub will have a significant bearing on its growth over the next few years. We, at Mobil™, are optimistic about the manufacturing sector and firmly believe in its potential to contribute to India's economic journey. We are collaborating closely with manufacturers to maximise their performance, aid their profitability, and advance their productivity to excel in business beyond usual.

[1] India set to become 3rd largest economy by 2030, says S&P Global - The Hindu BusinessLine