3D Printing-An Industrial Growth

Industrial growth forms the backbone of all progress and development in the world. India has considerably furthered in all sectors promoting industrial advancements and will continue to do so in future. As per reports by the Ministry of Statistics and Program Implementation (MOSPI), the industrial production in India increased 1.2 percent year-on- year in May of 2016, recovering from an upwardly revised 1.3 percent drop in April and beating market expectations for a 0.4 percent decline. Manufacturing rose 0.7 percent, the mining sector grew 1.3 percent and electricity production rose 4.7 percent. Industrial Production in India averaged 6.31 percent from 1994 until 2016, reaching an all-time high of 20 percent in November of 2006 and a record low of -7.20 percent in February of 2009. Looking back at the past 15 years, around 30 percent people in the developing countries of the world lived in poverty and misery, and they live better lives today only due to the industrial progress in their nation that provided better technology, funding, employment and improved ventures for growth. Vision 2030 aims to further that route to achieve a major increase in the GDP.

The next 15 years will have a lot of industrial upheavals, marked by changing trends and patterns in consumer demands and supply. These are unpredictable and don’t give clear indications of their long term trajectory. Some experience explosive growth while some take years to sprout results. One such example is the 3D printing industry. A technology that has revolutionised and replaced old methods of manufacturing and production with dynamic creation models. Currently, many unique efforts are on to use this technique, like constructing an entire village through 3D printing methods. It would be fair to say that as our industry is growing, we can look forward to a new future that is being printed today.

India has emerged as a strong economy over years but is remarkably resilient against shocks such as turmoil in the global and domestic financial markets, severe drought conditions and hardening international crude oil prices, sustaining its GDP growth. We can definitely dream of a much more developed nation by 2030, with advanced technology, 3D printed buildings, better industrial growth and an enhanced GDP but the odds need to be consolidated for that. Strong growth can only be achieved through realisation of full-growth potential of some key growth areas.

As per reports by McKinsey, India’s manufacturing sector has the potential to touch US$ 1 trillion by 2025. There is potential for the sector to account for 25-30 per cent of the country’s GDP and create up to 90 million domestic jobs by 2025. The ‘Make in India’ program harboured investments and today global giants such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in process of setting up manufacturing plants in India, attracted by India's market of more than a billion consumers and increasing purchasing power. By 2030, a new global consuming class will have flourished and the majority of consumers shall create rich market opportunities. Industrial development will be at its acme and new technologies will have established firm roots in general use. Communication would improve, 3D printing will become more personalised and people will start printing their own goods instead of purchasing them. Labor- intensive industries will be replaced by tech-based methods that are more efficient and cost-effective. Transport, manufacturing and construction industries will be critically changed as newer alternatives will be adopted for use. According to D&B’s forecasts, total government expenditure on health is expected to remain low at 1.5% of GDP in FY20, while public expenditure in education is expected to increase to 3.9% of GDP by FY20, compared with 3.0% (budget estimates) of GDP in FY11.

It wouldn’t be fallacious to say that India will have completely changed by 2030 and this industrial growth is what will set the path for its progress and advancement in the future, on the road to be a developed country and a superpower in making.

Image credits: http://www.economist