Manufacturing accounts for 17% of the global economy and is a significant contributor to global prosperity. The manufacturing sector in India accounts for 13.5% of GDP, down from 50% a decade ago. According to Deepak Jain, Chairman, CII Northern Region, Chairman and MD Lumax Industries, in his inaugural address at ET Smart Factory Summit 2023, the Prime Minister's vision of India as a USD 5 trillion economy by embracing manufacturing, with a 20% share, is an ambitious undertaking requiring growth rates 2.5 times the previous 15 years' performance.

He discussed how recent events, such as the G20 Summit in Delhi, emphasised the importance of responsible, accelerated, innovative, and sustainable practises, echoing the ethos of smart manufacturing. On August 2, 2023, World Overshoot Day will highlight the importance of sustainable practises. Manufacturing must prioritise sustainability and competitiveness in order to address the annual consumption of 100 billion tonnes of materials, 92% of which are single-use. This includes innovations and projects that emphasise sustainability and circularity, such as Saudi Arabia's Neom City's Oxagon.

He also mentioned Tesla's Gigacast technology, which reduces costs by 40% and streamlines production. He continued, "You need to be not just transforming responsibly but you need to be using the technologies like AI, Machine Learning, Augmented Reality, Virtual Reality, Big Data Analysis, Robots, Additive Manufacturing and IoT responsibly."