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In the emerging landscape of Industry 5.0, the integration of innovative technologies such as Cognitive Digital Twins (CDTs) is pivotal for steering industrial processes towards sustainability and inclusivity, particularly in developing nations striving to align with Sustainable Development Goals (SDGs). The study explores the transformative capabilities of CDTs in Industry 5.0, concentrating on India's quest for inclusive and sustainable industrialization in alignment with SDGs. The inclusion of the TOE-HOT framework enriches the research's analytical foundation, providing a nuanced perspective to investigate the multifaceted dynamics of technology, organization, environment, and human aspects within the sphere of industrial evolution. By employing the Best-Worst Method (BWM), Interpretive Structural Modelling (ISM), and MICMAC analysis, the study delves deep into the synergies between industrial strategies, technology, and sustainable development. The findings reveal the paramountcy of the Technological Dimension, emphasizing CDTs strategies like real-time optimization and data analytics, which are instrumental in dynamically adjusting manufacturing processes and fostering alignment with market demands. The research also stresses the roles of various CDTs strategies like strategic alignment, change management, job security, skill augmentation, and environmental compliance in industrial sustainability and inclusivity. The paper concludes with invaluable insights for policymakers, industry leaders, and researchers, emphasizing the necessity for a holistic, interconnected approach to fully harness the potential of CDTs in realizing the aspirations of Industry 5.0 and contributing to India's sustainable industrial advancement by 2030. [ABSTRACT FROM AUTHOR]

Competitiveness of a country depends on the innovation capacity of its industries while sustainability relies upon the adoption of cleaner production processes. Hence, to promote economic development without negative environmental impact, it is imperative to have appropriate development policies and also a sound instrument to monitor the effectiveness of the supporting ecosystem. India, one of the world's largest economies with a huge base of Micro, Small, and Medium Enterprises (MSMEs), makes it a perfect sample for creating an Index to measure innovation for sustainability and adds to the empirical literature. The study identifies the determinants of innovation and the key drivers using multivariate tools on the empirical data collected from the MSMEs in 4 key sectors that have Social, Economic, and Environmental relevance. The findings suggest that "Market sources" is the most influential determinant of innovation, followed by "Institutional sources", "Market sophistication" and "Business Membership Organisations". Further, findings of the Principal Component Analysis revealed that "Productivity and Profitability" consideration is the most important driver for adoption of innovation for sustainability by MSME units. The other drivers are "Regulatory and Occupational Health and Safety Needs"; "Immediate Survival Needs"; "Raw Material and other Cost Issues"; "Developmental Support", and "Competition from Similar Units". Based on the relative importance of these factors, an index is created to measure the effectiveness of the innovation ecosystem. The paper also suggests the use of this index to assess the strength of the ecosystem at the national, sectoral, regional or state, and district or cluster level. This study offers promising avenues for future research ideas for evidence-based policy formulation. [Display omitted] [ABSTRACT FROM AUTHOR]