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The basic purpose of any business is to extend support to society for their existence and growth. Servicecan be in theform of goods or service support. Any business cycle starts with the customer andends up with thecustomer. Marketing, Design and Development, Production Planning, Purchase, Production, Inspection, Storage, Dispatch, and After-Sales Servicingare the differentfunctional segments in a business enterprise. Supporting these functions are the other departments like Finance, HR, IT, Plant Maintenance, Quality Assurance, etc. Functions like Production Planning, Purchasing, Production, Quality Assurance, Inventory control, etc, which directly deal with the production of goods are together sometimes referred to as 'Operation'. 'Production' is the general term used to refer to the core function-production of goods. In manufacturing industries like Machine Tools and Automobiles, the term production is again splitinto twodifferent functions viz. Manufacturingand Assembly. The term 'Manufacturing' is often referred to as the process of converting raw material into different components as per certain design specifications. 'Assembly' refers to the activity of joining together different components, sub-assemblies, and standard parts bought fromoutside. Industries are identified with different sectors such as Manufacturing, Mining, Electricity, Services, etc. Within each sector again, industries can be grouped under different cognate groups based on their nature or similarity of operation/products. The majority of the industrial units come under the Manufacturing sector which togethercontributes the majorshare of the industrial - Research Scholar, K.R. Mangalam University, Gurugram " Associate Professor, Faculty of Management Studies, Manay Rachna International Institute of Researth and Studies, Faridabad we Research Assistant, Faculty of Management Studies, Manav Rachna International Institute of Rescarchand Studies, Faridabad Paradigm Shift in Business, Economy and Saciety in New Millennium turnover. Different cognategroups under this sectorare Steel, Chemicals, Defence, Automobiles, Machine Tools, Pharmaceuticals, etc. It has been universally recognized that Manufacturing industries are very significant contributors to the economic growth of any country. Naturally, the emerging trendsin Manufacturing will be acontrolling factor in the technological and economic growth in the coming decades. This chapter deals with vital shifts expected in Manufacturingduring 2020-50. Keywords: Manufacturing, Production Process, SmartFactories, Technology. INTRODUCTION Production is the general term used to refer to the core function - the production of goods. In manufacturing industries like Machine Tools and Automobiles, the term production is again split into two different functions viz. Assembly and manufacturing. The term 'Assembly' refers to the activity of joining together different components, sub-assemblies, and standard parts bought from outside. 'Manufacturing' is often referred to as the process of converting raw material into differentcomponents as per certaindesign specifications. A manufacturing process is defined as the 'use of one or more physical mechanisms to transform the shape of a material shape and/or form and/or properties' (Chryssolouris 2006). Industry 4.0 has resulted in improvement in the performance of many industrial organizations through the usage of the latest technologies and various production injection molding will have to be trained for modern technologies like 3D printing. Industries may need persons who can manage new operations, who can control robotics, who can build hardware, software, and firmware; who can design automationand robotics;and whocan adaptand maintain newequipment. Many algorithms will have to be used for analyzing real-time data. This bigdata will call for industrial data analysts having expertise in statistics (Kumar et al., 2015). Workers of tomorrow may differ from traditional workers in their competence and knowledge level. They may have to manage themselves in decision making at the shopfloor level. Employee Safety Manufacturing industries will have to rank the safety of the workplace at the topmost level in the comingdecades since it isconcerned with the most important and valuable resource, workers. It has to emerge as an integral part of the organizational culture, mindset of the management, and technological innovations. Workplace safety has assumed increased significance with the outbreak of the COVID 19 outbreak. Imposing social distancing in production shops, enforcing frequent sanitization by workers, monitoring of movement of different personnel, increased stress on traceability of Men and Materials, etc. Automation of all activities where ever multiple workers are to be engaged in the permanent solution. Another category of employees is thefield service engineers. Their work is made safer by implementing remote monitoring of machine operation and predictivemaintenance techniques. This trend is likely togo up in thecoming decades. FUTURE MANUFACTURING INDUSTRIES: An overview of the expected developments explained above have theirimpact on differentstakeholders of the business which are explained as follows: - Machines and other equipment: Highly automated CNC Machine Tools coupled with industrial robots, sometimes working jointly with workers on specifictasks. - Workers: Their number will getreduced, will be deployed for work which calls for more knowledge, short-term and unplanned tasks, monitoring of automatedequipment, etc. (270) Paradigm Shift in Business, Economy and Saciety in New Millennium - Production Process: AM technologies /3D printing will be the main process. - Organization: Decentralized decision making based on local information by workerswith thesupport of Artificial Intelligence. - Product: Mass production and batch production will accommodate job productionalso. Manufacturing industries in coming decades will be identified with intelligent systems and machines (Cyber-Physical System, CPSs), interconnected and communicating through loT so that the PLANis progressing as per the designed system. The data that comes from operating systems (DO) are collected and processed (Data Mining), permitting actual assessment for the desired values (CHECK). The availability of real-time data about the equipment and processes facilitates timely interventions (ACT) to restore the 'normal' operation of those devices (Nardo etal., 2020). The basic purpose of any business is to extend support to society for their existence and growth. Servicecan be in theform of goods or service support. Any business cycle starts with the customer andends up with thecustomer. Marketing, Design and Development, Production Planning, Purchase, Production, Inspection, Storage, Dispatch, and After-Sales Servicingare the differentfunctional segments in a business enterprise. Supporting these functions are the other departments like Finance, HR, IT, Plant Maintenance, Quality Assurance, etc. Functions like Production Planning, Purchasing, Production, Quality Assurance, Inventory control, etc, which directly deal with the production of goods are together sometimes referred to as 'Operation'. 'Production' is the general term used to refer to the core function-production of goods. In manufacturing industries like Machine Tools and Automobiles, the term production is again splitinto twodifferent functions viz. Manufacturingand Assembly. The term 'Manufacturing' is often referred to as the process of converting raw material into different components as per certain design specifications. 'Assembly' refers to the activity of joining together different components, sub-assemblies, and standard parts bought fromoutside. Industries are identified with different sectors such as Manufacturing, Mining, Electricity, Services, etc. Within each sector again, industries can be grouped under different cognate groups based on their nature or similarity of operation/products. The majority of the industrial units come under the Manufacturing sector which togethercontributes the majorshare of the industrial - Research Scholar, K.R. Mangalam University, Gurugram " Associate Professor, Faculty of Management Studies, Manay Rachna International Institute of Researth and Studies, Faridabad we Research Assistant, Faculty of Management Studies, Manav Rachna International Institute of Rescarchand Studies, Faridabad Paradigm Shift in Business, Economy and Saciety in New Millennium turnover. Different cognategroups under this sectorare Steel, Chemicals, Defence, Automobiles, Machine Tools, Pharmaceuticals, etc. It has been universally recognized that Manufacturing industries are very significant contributors to the economic growth of any country. Naturally, the emerging trendsin Manufacturing will be acontrolling factor in the technological and economic growth in the coming decades. This chapter deals with vital shifts expected in Manufacturingduring 2020-50. Keywords: Manufacturing, Production Process, SmartFactories, Technology. INTRODUCTION Production is the general term used to refer to the core function - the production of goods. In manufacturing industries like Machine Tools and Automobiles, the term production is again split into two different functions viz. Assembly and manufacturing. The term 'Assembly' refers to the activity of joining together different components, sub-assemblies, and standard parts bought from outside. 'Manufacturing' is often referred to as the process of converting raw material into differentcomponents as per certaindesign specifications. A manufacturing process is defined as the 'use of one or more physical mechanisms to transform the shape of a material shape and/or form and/or properties' (Chryssolouris 2006). Industry 4.0 has resulted in improvement in the performance of many industrial organizations through the usage of the latest technologies and various production injection molding will have to be trained for modern technologies like 3D printing. Industries may need persons who can manage new operations, who can control robotics, who can build hardware, software, and firmware; who can design automationand robotics;and whocan adaptand maintain newequipment. Many algorithms will have to be used for analyzing real-time data. This bigdata will call for industrial data analysts having expertise in statistics (Kumar et al., 2015). Workers of tomorrow may differ from traditional workers in their competence and knowledge level. They may have to manage themselves in decision making at the shopfloor level. Employee Safety Manufacturing industries will have to rank the safety of the workplace at the topmost level in the comingdecades since it isconcerned with the most important and valuable resource, workers. It has to emerge as an integral part of the organizational culture, mindset of the management, and technological innovations. Workplace safety has assumed increased significance with the outbreak of the COVID 19 outbreak. Imposing social distancing in production shops, enforcing frequent sanitization by workers, monitoring of movement of different personnel, increased stress on traceability of Men and Materials, etc. Automation of all activities where ever multiple workers are to be engaged in the permanent solution. Another category of employees is thefield service engineers. Their work is made safer by implementing remote monitoring of machine operation and predictivemaintenance techniques. This trend is likely togo up in thecoming decades. FUTURE MANUFACTURING INDUSTRIES: An overview of the expected developments explained above have theirimpact on differentstakeholders of the business which are explained as follows: - Machines and other equipment: Highly automated CNC Machine Tools coupled with industrial robots, sometimes working jointly with workers on specifictasks. - Workers: Their number will getreduced, will be deployed for work which calls for more knowledge, short-term and unplanned tasks, monitoring of automatedequipment, etc. (270) Paradigm Shift in Business, Economy and Saciety in New Millennium - Production Process: AM technologies /3D printing will be the main process. - Organization: Decentralized decision making based on local information by workerswith thesupport of Artificial Intelligence. - Product: Mass production and batch production will accommodate job productionalso. Manufacturing industries in coming decades will be identified with intelligent systems and machines (Cyber-Physical System, CPSs), interconnected and communicating through loT so that the PLANis progressing as per the designed system. The data that comes from operating systems (DO) are collected and processed (Data Mining), permitting actual assessment for the desired values (CHECK). The availability of real-time data about the equipment and processes facilitates timely interventions (ACT) to restore the 'normal' operation of those devices (Nardo etal., 2020)