Global economic challenges such as the Eurozone crisis, along with domestic political upheavals have had an unfavorable impact on the Indian economy this year. However, the current economic slump in India can be perceived as a temporary phenomenon, especially because of increasing domestic demand across different sectors. In India’s march toward cementing its position as a major contributor in shaping the global economy, key sectors have been projected to witness significant growth over the next 4 to 8 years.
Increasing demand for electricity, consistent growth in the automotive sales and exports, sustained interest towards hydrocarbon production, increasing investment towards augmenting the metal production capacity, among others, stand out as shining examples of the underlying potential.
In order to position itself as a global manufacturing powerhouse and compete with large economies, the industrial sector’s key focus should be on enhancing operational excellence. The urgency is compounded by the increasing pace of globalization, which calls for manufacturing practices to follow standard processes. Industrial Automation and Process Control Solutions play a pivotal role in helping users address evolving challenges.