India’s economic horizon is reshaped by the infusion of transformative technologies like AI, IoT, and blockchain. Projections foresee an annual investment of USD $35 billion propelling India into the top echelons of global digital economies. 

In 2018, India witnessed an unprecedented surge of 109.6% in AI expenditure, surging to US$ 665 million. With AI expenditure slated to reach US$ 11,781 million by 2025, the trajectory indicates robust growth. 

A report by NITI Aayog underscores AI’s potential to infuse US$ 957 billion into India’s economy by 2035, constituting 15% of its current gross value. 

Industry 5.0 heralds a paradigm shift, championing human-centricity, resilience and sustainability over the automation-centric ethos of its predecessor, Industry 4.0. 

a. Human-centricity: Industry 5.0 reveres humans as irreplaceable assets, aligning technologies with the workforce. 

b. Resilience: Post-COVID, Industry 5.0 advocates resilient supply chains to mitigate disruptions. 

c. Sustainability: Embracing the UN’s Sustainable Development Goals, Industry 5.0 advocates for eco-conscious manufacturing. 

Understanding IoT and AI: Pillars of Progress 

IoT and AI form the cornerstone of Industry 5.0, with IoT facilitating data collection and AI analyzing it for actionable insights, fostering symbiotic efficiency. 

AI enhances IoT by enabling autonomous decision-making, pivotal for handling big data, real-time decision-making, and continuous learning. 

Key Technologies Shaping Industry 5.0 

• Industrial IoT (IIoT): Streamlining operations, IIoT reduces downtime and enhances revenue through seamless machine networking. 
• Advanced Analytics: Powered by AI and machine learning, advanced analytics streamline smart manufacturing, alerting workers about issues and improving product quality. 
• Drones: Vital for structural analysis in telecom and construction, drones play a crucial role in smart manufacturing ecosystems.
• Quantum computing: A nascent yet promising technology, quantum computing can revolutionize complex calculations, paving the way for unprecedented industrial advancements. 
• Digital twins: Ensuring smooth machine functioning, digital twins are pivotal in Industry 5.0, optimizing performance and detecting anomalies. 
  Mixed reality: Bridging the gap between the real and virtual worlds, mixed reality aids in device prototyping, quality analysis, and maintenance. 

AI’s Role in India’s Future 

The integration of these technologies not only optimizes operations but also fosters employment growth, spanning high-skill and low-skill sectors. 

As India strides towards a digital renaissance, AI emerges as a linchpin for socio-economic growth, poised to contribute US$ 500 billion to the GDP by 2025. 

India stands on the brink of a digital revolution. Embracing Industry 5.0 and nurturing AI’s evolution can catapult the nation towards unparalleled economic prosperity and societal advancement. 

MITCON can unlock the potential of the factories by doing market research, raw material assessment, demand-supply study, dealer-distributor study for end product, TDD, TEV etc.