Pavan Vilas Rayar

Research Scholar, SVKM's D. J. Sanghvi College of Engineering, Mumbai-56

K. N. Vijaya Kumar

Professor, SVKM's D. J. Sanghvi College of Engineering, Mumbai-56

Suhasini Vijaykumar

Professor, Bharati Vidyapeeth Institute of Management and Information Technolo-gy

M. S. Rohokale

Principal, SKN Sinhgad institute of Technology and Science,Lonavala

Abstract

The current status of the recent developments among India's MSMEs point to the fact that these establishments are more technologically savvy than their smaller competitors. It's understandable that SMEs would rather take it slow when it comes to investing in such technologies. Experts are paying more attention to how Industry 4.0 innovations will affect sustainability in terms of economic, environmental, and social factors. Numerous articles highlight the detrimental effects of not adopting Industry 4.0 on a country's economy. Many SMEs are cash strapped and require proof of ROI before allowing upper management, customers, or employees to adopt new technologies. Non-empirically valid measurements are those used in investigations that rely on things like literature reviews or case studies. This means there is a substantial information gap when it comes to creating an all-encompassing performance monitoring system for Sustainable Manufacturing (SM) in the context of Industry 4.0. The impact of Industry 4.0 technologies on sustainability in society and the economy is of growing interest to academics. Using the Triple Bottom Line approach to sustainable development, this study set out to investigate these consequences. A sustainability-oriented model is provided to analyze the effect of Industry 4.0 technology on these metrics. This study aims to summarise current research efforts, identify key research themes, and identify research gaps and future development prospects to evaluate sustainable manufacturing research's contribution to the advancement of Industry 4.0. By examining the potential socio-economic impact in a developing country like India and identifying the benefits and challenges for its implementation process, this study goes beyond the technical approach that dominates academic literature on Industry 4.0.

Keywords- Industry 4.0, Smart manufacturing, Sustainable Manufacturing, Triple Bottom Line Sustainability