As the Nation celebrates the 75th year of Independence, our Government has switched gears from steady growth to aggressive ‘Accelerator’ mode of development. For a country like ours with a huge population, development in every aspect demands concerted efforts for ‘Nation building’ from every responsible wing of Government as well as non–government organizations who can contribute effectively. For India to become a developed Nation, its economy needs to grow at faster rate. It is in fact growing faster and according to the IMF, in 2019, India became the world's fifth–largest economy with a nominal GDP of $2.94 trillion overtaking France ($2.71 trillion) and the UK ($2.83 trillion). The contribution to GDP from Industry and Service sectors continue to increase, with the Service sector having more than 50% and the industries sector with around 25% while the remaining is from the Agriculture & allied sectors. While increasing the GDP is one aspect simultaneously decreasing the import must be focused for the sustainable development. Government of India has been rolling out policies such as ‘Make in India’, ‘Digital India’, etc. It has been providing encouragement and support to private sector including MSMEs in every possible way so as to strengthen its manufacturing prowess. The share of manufacturing sector in the economic development of the nation is vital and can be enhanced only through technology development. The Capital Goods industry is the “mother” of all manufacturing industry and is of strategic importance to the National security and Economic independence. Capital Goods comprise intelligent manufacturing facilities, Industrial Robots, Electronic fabrication facilities, Instruments & systems for material handling as well as inspection, Equipment and appliances for medical & life sciences applications, etc. In order to ascertain manufacturing competitiveness in the global context, Industry 4.0 wherein technologies of AI, IoT, data analytics, cloud, etc. are to be integrated, needs to be fully exploited. Achieving global competitiveness in various verticals of the Indian Capital Goods sector requires a concerted effort in implementation of multiple digital and automation technologies. Indian industries currently operate with varying levels of integration with regard to Industry 4.0. An end–to–end industrial transformation aided by exponential technologies such as Additive Manufacturing, Artificial Intelligence, Robotics & Automation, Cognitive Computing, etc., are expected to create a paradigm shift in manufacturing, which would have a spiralling effect on the capital good sector. The cost of implementing these technologies for better productivity is high resulting in higher production cost, which results in reducing the global competitiveness. Hence, there is a necessity to develop machinery and indigenous technologies for mass consumption in the capital goods sector.