We understand that digital transformation has different aspects as per the goal of an organization. It is not a single-step procedure. Digital transformation can be done step by step, depending on the goals and priorities of the company. 90% of companies are working with cloud systems, as it is a necessity for companies to be competitive.

The contribution of the Indian manufacturing sector to India's GDP is 17.4 percent in the fiscal year 2020, which is expected to grow further as per government estimates. Manufacturing in India has witnessed slow but steady growth over the last few years despite many challenges. As per the Economic Survey Reports, estimated employment in the Manufacturing Sector in India was 5.7 crore in 2017-18, and 6.12 crore in 2018-19 which was further increased to 6.24 crore in 2019-20.

Our manufacturing industry is contributing to producing the largest greenhouse gas emissions. In fact, when you

consider direct and indirect emissions as contributors to carbon footprint, industry’s

share of emissions rises to nearly 35%. This makes industries the no. 1 source

of greenhouse gases of any sector.

India, having the largest young population in the world, is not able to utilize its full potential. The majority of the workers in India lack the proper skills to work in the manufacturing industry. According to one estimation, only 4.7% of India’s workforce is formally skilled, where the US has 52%, the UK has 68%, Japan has 80% and China has 24% of its workforce formally skilled. Also, unproductive processes are still being used in some manufacturing plants even though advanced manufacturing techniques are widely available.

In a survey by the United Nations Statistics Division in 2018, China, the United States and Japan combined were having more than 50% share of global manufacturing output with Japan 7.2%, the United States 16.6%, and China having the largest share of 28.4%. Along with that China’s manufacturing sector has the largest percentage of its national output. India was at 6th rank with a 3% share of global manufacturing output.

Facebook had reportedly refused a USD 750 million buyout offer while it had 7.3 million registered users in 2006. Now Facebook is the biggest social network worldwide with roughly 2.89 billion monthly active users and a market capitalization of USD 933 billion as of September 2021

New kinds of companies are emerging under the digital economy. These companies have unique business models which are invented and developed around the digital economy. ‘OYO’ and ‘Airbnb’, one of the biggest hospitality companies, don't have their own properties. ‘Ola’ and ‘Uber’, the biggest taxi companies, do not own cars. ‘Alibaba’, the most valuable retailer, does not have the inventory.

On the other hand, mobile phone users are increasing day by day. There were more than 7 billion smartphone users worldwide in 2016 and the number of smartphone users in India is estimated to grow from 748 million in 2020 to 1.5 billion in 2040.

Heating, Ventilation, and Air Conditioning (HVAC) systems function to control the indoor temperature, humidity, and air circulation to maintain the comfort and safety of building occupants. The world is experiencing unpredictable climate and rising temperatures. That’s why people are considering HVAC systems as an important investment for their homes, offices, and other commercial buildings. Let's look at some factors through which we shall be able to understand the future of the HVAC industry.

MSME contributes a total of 37.54% of Indian GDP with the manufacturing and service sectors of MSME contributing 7.09% and 30.50% respectively. That’s why the MSME sector is considered the backbone of India.

The MSME sector is the most damaged in the COVID-19 pandemic. Despite its importance to the Indian economy, it is facing several challenges preventing its growth. These are few challenges limiting the MSME sector to achieve its full potential.