The COVID-19 pandemic has shaken manufacturing industries profoundly. As has been the case after other major upheavals, such as the 2008-2009 financial crisis, a return to pre-crisis levels will likely take several years, if not more. Back in 2008, it took manufacturing industries three years to return to the pre-crisis level. This time the course of the crisis will be at least as severe as it was during the financial crisis, if not even worse. The current crisis differs in character from the previous ones, both for the better and for the worse. For the better: Production levels before COVID-19 had already cooled down and companies have not geared themselves as much to strong growth as before the financial crisis. Additionally, companies have more cash and equity available, the crisis experience is higher. For the worse: The simultaneous supply and demand shock with shutdowns has led to extremely deep slumps and an “up and down” recovery is more likely than a steady curve.

The COVID-19 pandemic has imposed a tremendous cost on people’s lives and livelihoods, forcing the businesses to adjust rapidly to survive. In the wake of the current scenario, it is the HR department that is entitled to manage the radical shifts facing workforces during the pandemic. The COVID-19 crisis has amplified the difficulties faced by the heads of the institutions towards recognizing the truly distinctive (to motivate and retain them) and the truly lagging (to boost morale and organizational performance).

India is one of the fastest growing economies of the world which has shown a steady acceleration in the last half-ecade. The driving force behind this development is the robust socio-economic policies by the government, an influx in the domestic and foreign capital and a rise in disposable income and consumption among many other positive attributes. When pitching about development, one major factor that has served to be India’s backbone is Small and Medium Enterprises (SME) sector. The growth of these SMEs is a continuous process should be considered only when it will benefit the business in some way. However, to reap maximum benefits out of the same, one requires meticulous planning.

Industrial communication technology is expected to continue to hold the largest share of the market during the forecast period. Industrial communication is a combination of components, software, and standard protocols that allows man-to-machine and machine-to-machine communication across various industries. Efficient, reliable, and secure industrial communications help in improving operational efficiency and reducing the overall operational costs of organizations. Industrial communication plays a significant role in industries such as oil & gas, electronics, automotive, and energy & power.

India, along with the other developing nations has emerged as one of the high growth sectors in the manufacturing domain. Taking the manufacturing and technological sector to a new height is the ‘Make in India’ project helmed by the Government of India under the leadership of Prime Minister Narendra Modi which is all set to maximize the country’s demographic and geographic advantages. GST (Goods and Services Tax) acts as a boost to maximize competitiveness and performance in India’s manufacturing sector. Declining exports and high infrastructure spending are just some of the concerns of this sector. Multiple indirect taxes had also increased the administrative costs for manufacturers and distributors and with GST in place, the compliance burden has eased and this sector will grow more strongly.

Fourth Industrial Revolution or Industry 4.0, as it is popularly called, revolutionised the manufacturing world by providing manufacturers with opportunities to utilize advanced tools and technologies throughout the product lifecycle. It enabled manufacturers to increase operational visibility, reduce costs, expedite production times, and deliver exceptional customer support. However, now is the time to shift our paradigm from Industry 4.0 to Industry 5.0 . Where the focus of the fourth industrial revolution focused on using technology to optimize the means of production, the 5th industrial revolution is all about connecting man and machine — that is, collaboration between humans and smart systems.

Industrial manufacturing is a major growth sector for the Indian economy with diverse companies, including those engaged in manufacturing of machinery and equipment, electrical and metal products, cement, building and construction material, rubber and plastic products and automation technology products.