ECONOMY/ GOVERNANCE

It’s time for Industry 4.0

In news: The term ‘Industry 4.0’ was coined by the German government in 2011. It integrates ‘data’ with manufacturing and Information Technology. 

Potential of Micro, Small and Medium Enterprises (MSMEs) 

However, MSMEs face challenges when it comes to adopting new technologies such as Industry 4.0. 

Reasons are: 

Conclusion

Though adoption of Industry 4.0 technologies by MSMEs requires overcoming many obstacles (as listed above), it will make them more competitive as they will be able to offer world-class quality products to customers.

Connecting the dots:

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