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Multiple spindles, multiple slides, multiple tools, together with facilitating multiple-axis machining i.e., performing several operations like turning, milling, drilling, and even grinding \& gear cutting operations. Most of the operations on the job can be performed in a single set up resulting in superior dimensions and form accuracies. The least material handling problem, least time is taken, the unmanned operation is all the other benefits. These machines are more and more fitted with automatic handling of components such as gantry loading, multiple pallets, or even flexible manufacturing systems. Of course, this Multi-tasking operation is coupled with properties and characteristics of the material being machined, the size, shape, and other geometricalcharacteristics of the component, other design elements, the accuracies, and surface finish to be obtained. In a nutshell, the modern trend in manufacturing is the emphasis upon error-free and fast production with the leastconsumption of resources. Smaller machines of this type find their application in machining complex fiveaxis parts in titanium, chromium-cobalt, zirconium, and other exotics used in the dental and medical industries. The nesting software package in such machines minimizes material waste. New areas likeenergy, aerospace, medical equipment, will see increasing uwe of multi-axis and multi-tasking machines with automation in material handling. 260 Paradigm Shift in Business, Econamy and Society in New Nillennium The admiration towards multitasking CNC machines is mounting because of the elimination of workpiece re-fixturing during manufacturing and completes several machining including finishing operations, turning milling, and grinding, thereby assuringdimensional and geometric accuraciesand alsothe quality of the surface. Also, it supports Management in reducing the plant equipment without compromising the production capacity and process capability (Georgiet al. 2012). Multitasking machines are the solutions where one can carve out any profile desired from a block of raw material with 5 axes machining. The term "Multitasking" is the Mantra of the day in manufacturing industries and will continue to be so in future decades too. A picture of Multi tasking machine is depicted in Fig. 2. AdditiveManufacturing/3D Printing Additive Manufacturing (AM) has emerged as the vital technology for manufacturing customized products of sophisticated design. Developments in AM will be the backbone of manufacturing organizations in the future. The key advantages expected are the lowest waste, lowest cycle time, reduced cost of production, and increased productivity. The conceptof 3DPrinting is anadditive manufacturing process and is nowalmost forty years old. This fastest technique of production is the blessing for prototype development and production of one or two numbers on specific customer demand. The specific advantage of these techniques is that it does not call for high-cost tooling which is an essential aid in the conventional manufacturing process. 3D Printing Tcchnology is a blessing for the aerospace sector. 3D Printing facilitates the organization to manufacture the products on demand eliminating batch production and inventory carrying. Fig 3 presentsa 3DPrinting Machine. Source t Maditive manufacturing teclsnologies Internet of Things(IoT) loT is nothing but integration of different machines and other equipment in industries including those at customer's site with a computer internet infrastructure. Robots, high-speed computers, and other smart devices, Artificial Intelligence, Machine learning, embedded technology, etc. are the other technology members in this network. This setup enables the producers to keep them updated with real-time data, enabling them to take key decisions in advance avoiding wastage of key resources like Money, Materials, and Time. This digital (264) Paradigm Shift in Business, Economy and Society in New Millennium transformation will enable industrial organizations to adopt the business model emphasized on continued support and services to customers, right from the day of requirement conception till the perishing of the product. Vision beyond 2020 envisages a cloud-based production line assuring end-to-end transparency and sharing of complete data with customers. Production lines will be replaced by production ecosystems and information silos will get converted to information networksin thenear future. Thespecific advantage of IoT is that the rightinformation would be availableat the right time to make the right decisions. Cloud computing empowers organizations to squeeze and analyze the information from the production line. Data from augmented and virtual reality will have a substantial influence on R\&D. Better performance of the organization coupled withenhanced customer satisfaction are thekey benefitsexpected out of thisarrangement. The threat of COVID-19 has already accelerated the growth of IoT because of its distant monitoring and prognostic maintenance capabilities. Field servicing has now become easier, cheaper, and safer. Cloud-based Manufacturing (CBM) Cloud-based manufacturing is the integration of emerging technologies, the Internet of Things, Cloud computing, and others for solving intricate manufacturing problems through collaboration or manufacturing cloud. It is the system in which different scalable and virtualized resources and capabilities in manufacturing are provided or shared with different users on mutually agreed termsand conditions(Siderska etal., 2018). CBM concept is expected to arise intoa future-oriented innovative model with wideacceptance and is expected to reform and control manufacturingindustries in the comingdecades. 5G 5G is the latest generation of network technology and the speed is 100 times faster than 4G,100 gigabits persecond. Data-Driven Factory With the emergence of IoT, it would be possible to monitor the daily plant operation, and with the data collected shop manager can analyze any deviation from the planned process and to initiate necessary corrective actions required to achieve the planned desired targets. Similarly, analyzing the big data available from the equipment manufacturers will be able to predict problems that will