Manufacturers Invest in Sustainable Growth, PwC Finds - News

PricewaterhouseCoopers (PwC), an international consulting firm, in its recent study revealed an extensive change in the Indian manufacturing industry, noting that over 50 percent of organizations are likely to increase their investment in sustainable practices this year. The study also revealed that over 93 percent of manufacturing firms in India are embracing Industry 5.0 practices. It focuses on integrating humans with artificial intelligence (AI), robotics, Internet of Things (IoT), and other systems to promote sustainability, adaptability, control emissions, and increase revenues.

The study involved 180 C-level executives from six manufacturing sectors, including automotive, chemical, cement, and textile. It stressed the growing interest of these industries in building sustainable operations, with companies aiming to achieve 2-3 times profit growth over the next 3-5 years based on the green initiative and environmentally friendly practices. 

According to Sudipta Ghosh, Partner and Industrial Products Leader, PwC India, Industry 5.0 creates a ‘symbiotic relationship between humans and advanced technologies’ and the other two features defining it are ‘sustainability’ and ‘resilience’. Based on the findings by PwC, manufacturers in India could boost their revenues by 6.42 percent over two years through sustainable practices.

Eighty percent of automotive and chemical industry leaders and executives confirmed that their firms are increasingly appreciated for promoting sustainable products and employment opportunities. 

Many manufacturers are not only investing in renewable energy and energy efficiency but are also fostering a culture of lifelong learning, with 52 percent of executives allocating funds for the same. More than 50 percent of executives are investing into mechanisms that support the adoption of renewable sources, energy efficiency, waste reduction, and responsible usage of water this year.