JANUARY 20239M. Scindia, Union Minister of Steel and Civil Aviation, at an event recently. AgrochemicalsAs more and more farmers realize the increasing need to supply essential nutrients to crops for maximum yield, the demand for fertilizers and crop protections products is growing incessantly. A sharp increase has been seen in 2022 in the penetration of crop protection chemicals. Herbicides and fungicides are being used more to counter rodent and pest attacks faced by crops. To accelerate research and innovation in this field, government and industry have joined hands. There is an increased focus on developing new generation molecules and isomers. Molecules of organophosphorus, carbon disulphide and pyrethroid chemistries manufactured by Indian agrochemical companies have made their mark in global market through their quality and cost-effectiveness. There is also an orientation towards green chemistry products to reduce the dependence on non-renewable resources. AutomotiveAutomotive market in India is expected to grow at a CAGR of more than 11 percent till 2027. Comprising approximately 40 percent of the manufacturing GDP, the sector has hit the ground running to embrace the EV revolution. CEEW Centre for Energy Finance sees an opportunity of more than $200 for electric vehicles by 2030. The sector is attracting heavy investment not just in vehicle manufacturing but also in charging infrastructure. Year 2022 saw the passenger vehicle exports surging to record levels in the past eight years, amounting 576,000 units, significantly up from 440,000 in the preceding fiscal year. At the same time, two-wheeler export reached a mark of 4.4 million units, exhibiting highest ever increase in exports.While the growth continues, there are challenges in the way which are being solved through technological innovation. As the demand for chips rises in automotive industry, manufacturers are gearing up to counter the chip shortage. For instance, Hyundai is leveraging software-based alternatives for improving car functions and enhancing user experience to reduce its dependence on microchips.PharmaceuticalsGrowing at a CAGR of more than 10 percent, pharmaceutical industry in India has set a new benchmark for the global one. In particular, Active Pharmaceutical Ingredients (API) pharma companies in India are being forecasted to traverse a growth curve of 16 percent. Fueling this growth is the focus on R&D and innovation to develop new drugs to meet the emerging medical requirements in the fields of cardiovascular disease, oncology, neuroscience, and diabetes.In addition to drug development, pharma companies in India are adopting new technologies to enhance their engagement with patients. By leveraging artificial intelligence and automation, they are garnering actionable insights into patient journey, redefining the process from diagnosis to disease management. This is in turn improving not only dug development but enhancing patient outcomes as well. Driven by technology advancements and policy initiatives, the manufacturing industry is on its way to be a frontrunner globally. Adopting Industry 4.0 and reaping the benefits of National Manufacturing Policy, manufacturers are exhibiting unprecedented acumen for innovation and taking giant strides towards increasing the contribution of manufacturing in GDP to 25 percent by 2025. Fabricators have embraced automation to boost their cutting throughput like never before
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