Industry 5.0 Drives Profit And Sustainability For Indian Manufacturers: PwC Report

New Delhi, Oct 26 (KNN) A comprehensive new report from PwC India reveals that 93 percent of Indian manufacturers are implementing sustainable practices through Industry 5.0, with expectations of doubling or tripling profits within the next three to five years.

The report, ‘Decoding the Fifth Industrial Revolution: Marching towards a resilient, sustainable and human-centric future,’ examines six major industries and highlights how Industry 5.0 is reshaping manufacturing by balancing financial performance with human-centric operations.

The transformation represents a significant shift from traditional profit-focused manufacturing to a model that prioritises societal value and holistic well-being. 

More than half of Indian manufacturers are currently investing in renewable energy and energy efficiency through advanced digital technologies, while 52 percent of senior executives are fostering a culture of continuous learning to prepare their workforce for the integration of AI, robotics, and IoT.

Sudipta Ghosh, Partner and Industrial Products Leader, PwC India, emphasised the strategic importance of this transition, stating, “Industry 5.0 represents a defining moment for the manufacturing sector – one that creates a symbiotic relationship between humans and advanced technologies.” 

According to the report, manufacturers who failed to develop Industry 5.0 capabilities may have sacrificed approximately 4.37 percent of their FY24 revenues, while those embracing these technologies are projected to see an average revenue increase of 6.42 percent over the next two years.

The chemicals, cement, and textiles sectors are positioned for the strongest growth, with potential revenue increases exceeding 7 percent. 

The report highlights that 95 percent of manufacturers in the cement and industrial goods sectors are implementing real-time inventory tracking systems this year. 

Additionally, automotive and metals sector executives report growing consumer willingness to pay premium prices for sustainable and innovative products.

Contrary to concerns about technological unemployment, the PwC study demonstrates that Industry 5.0 promotes collaboration between workers and advanced machines. 

The report indicates that 52 percent of executives are prioritising automation for routine tasks to enable employees to focus on more strategic work. 

Furthermore, half of the surveyed companies are investing in supply chain resilience through real-time analytics, while over 50 percent are expanding their sustainability initiatives. 

The study also notes that 46 percent of executives are strengthening cybersecurity measures to protect manufacturing systems and data integrity.

(KNN Bureau)

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