The term Industry 4.0 refers to a process in which machines provide services and communicate information with products in real-time. It has enormous features which facilitate automation, monitoring, and diagnostic purpose of any system. It is a method for switching from traditional machines to digital manufacturing. The industries must thoroughly understand the I4.0 standard to get the maximum output. Various methodologies and conversations are being pursued in the present context to produce road maps, and some of which are reviewed in this paper. Gauging I4.0 modules and relevant features are paramount to distinguish the mainstays of a concrete future manufacturing atmosphere. The paper's main aim is to analyze, evaluate the most agreed approaches for the readiness of I4.0. The study also pointed out that I4.0 has specific challenges to overcome and the way forward to make India a leading manufacturing hub. This study demands attention to the necessity for more incredible research on the role of manufacturing success among academics, practitioners, and policymakers. As a result, this could serve as a foundation for encouraging practitioners to place a greater emphasis on the I4.0 for the future-ready manufacturing sector. [ABSTRACT FROM AUTHOR]