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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 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 certain design 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 usageof the latest technologies and various production aids besides delivering exceptional and excellent goods and services. Industry 5.0 is in place now integrating different resources in business operation viz. Men, Machines, Materials Methods, Measurements, and Money. To be more specific, Industry 5.0 isthe allianceof all the available resources with all the stakeholdersof the organizations and is the concept of an integrated system consisting of Internet of Things (ToT). Industrial Internet (II), Smart Manufacturing (SM) and cloudbased Manufacturing (CBM). Digital manufacturing technologies, and integration of Digitalization and Intelligence, arehaving a significant role in bringing down the cycle time and cost of production especially when customization is involved (Vaidya et al., 2018). Production process with lower manufacturing costs and of assured quality will continue to bethe mantrafor manufacturing industries in the future also. 258 Paradigm Shift in Business, Econemy and Society in New Millennium Modernand Futuretrends in Manufacturing: Based on the analysis of the extant literature, reports, websites and articles we recommend the following modern and upcoming trends in Manufacturing. A succinct description has been offered and as we have endeavored to include a comprehensivelist. Hybrid Multi Tasking CNC Machine Tools: The most demanding sector for manufacturing solutions is the Aerospace sector, with components getting lighter, profile getting complex and precision getting finer continuously, Machining of Aerospace components demands the most challenging manufacturing solutions in terms of materials, profiles, and accuracies. Another important sector is medical components, Today's technology trends in manufacturing across the globe are revolving around two necessities: Multitasking \& Composite machining. The structure of Structure of a multi-tasking machine tool is depicted in Fig.1. 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 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 certain design 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 usageof the latest technologies and various production aids besides delivering exceptional and excellent goods and services. Industry 5.0 is in place now integrating different resources in business operation viz. Men, Machines, Materials Methods, Measurements, and Money. To be more specific, Industry 5.0 isthe allianceof all the available resources with all the stakeholdersof the organizations and is the concept of an integrated system consisting of Internet of Things (ToT). Industrial Internet (II), Smart Manufacturing (SM) and cloudbased Manufacturing (CBM). Digital manufacturing technologies, and integration of Digitalization and Intelligence, arehaving a significant role in bringing down the cycle time and cost of production especially when customization is involved (Vaidya et al., 2018). Production process with lower manufacturing costs and of assured quality will continue to bethe mantrafor manufacturing industries in the future also. 258 Paradigm Shift in Business, Econemy and Society in New Millennium Modernand Futuretrends in Manufacturing: Based on the analysis of the extant literature, reports, websites and articles we recommend the following modern and upcoming trends in Manufacturing. A succinct description has been offered and as we have endeavored to include a comprehensivelist. Hybrid Multi Tasking CNC Machine Tools: The most demanding sector for manufacturing solutions is the Aerospace sector, with components getting lighter, profile getting complex and precision getting finer continuously, Machining of Aerospace components demands the most challenging manufacturing solutions in terms of materials, profiles, and accuracies. Another important sector is medical components, Today's technology trends in manufacturing across the globe are revolving around two necessities: Multitasking \& Composite machining. The structure of Structure of a multi-tasking machine tool is depicted in Fig.1
