Manufacturing is the process of making goods by hand or by machines for the domestic or international sale. The raw materials and other inputs used to obtain the final goods on a larger scale. The manufacturer needs to cover the cost of production, meet the demands, and prepare the final goods for the sale. There are three types of manufacturing production:-
- Make to stock
- Make to order
- Make to Assemble
Technologies are used in the form of techniques, skills, methods, and processes used in the manufacturing of goods. Technological advances in manufacturing helped to better meet consumer demand, by using the technologies industries have become more efficient.
Impact of Internet of things (IoT) on Manufacturing:-
Internet of things (IoT) is interrelated electronics and computing devices which have the ability to transfer the data over a network without requiring human to human or human to computer interaction and the systems are embedded with sensors, software, and other technologies.
In the Manufacturing it creates new efficiencies through machine monitoring and products quality monitoring, machines can be monitored continuously and analyzed to make sure that the machines are performing well without involvement of a human in monitoring the process. IoT allows companies to reduce operating costs, better uptime improve asset performance management in the manufacturing business. Computerized maintenance management systems connects devices remotely allowing them to communicate with each other, Iot has following functionalities –
- Establish the internet connection in factories
- Enable the automation
- Remote Monitoring
- Connection within the system between devices
The Manufactured products are becoming smarter by using the technology:-
There is demand of intelligent, responsive, and connected devices smart products means smart lighting, connected cars, wearable technology. Smart devices manufactured can be evolved with the technology upgradation.
Goods Manufactured using the technology has the high quality which can be competitive in the international markets, exports may lead to the employment generation in the country and can make the goods manufactured here competitive in the global market, so the Indian Government is providing the benefits on the exports under SEIS Scheme and MEIS Scheme which provides the export benefits on the eligible goods or services in the form of saleable scrips.
To make the Manufacturing process easy and attractive Government launched various scheme under EPCG Scheme, capital goods can be imported at zero custom duty for manufacturing the goods for the export.
MEIS Scheme (Merchandise Exports From India Scheme) is the government incentive scheme which offers the benefits of 2% to 7% on the FOB Value of exports in the form of saleable duty credit scrips.
Union Cabinet launched RoDTEP Scheme to replace existing MEIS Scheme on 13th march 2020 which provide the additional benefits on the exports and will issue the Duty Credit Scrips.
Service Exports from India Scheme(SEIS Scheme) is the Government scheme which offers the benefits on the notified services of 5% to 7% on the net foreign exchange earned.
All the schemes are giving the benefits in the form of scrips which are transferable in nature.