This research focused on the assessment of the organisational maturity level of SMEs in four different districts of Punjab, India. For the purpose of this research, focused on the analysis of both primary and secondary data. This research further provided a clear understanding of the benefits, challenges, and barriers of Industry 4.0 with respect to the operations of SMEs in Punjab. Further, this study represented the contribution of different pieces of literature with respect to the importance of the maturity model and awareness levels of innovative technologies. The research successfully identified key factors impacting Industry 4.0 adoption in Punjab's SMEs, including awareness levels, fiscal incentives, data security, and decision-making effectiveness. It emphasized that higher awareness about data security and fiscal incentives positively influences the prioritization of smart factories and advanced technologies. Informed decision-making was found to be pivotal for successful technology implementation. Despite challenges, Industry 4.0 offers significant benefits, such as enhanced operational efficiency and cost savings, which can drive progress in Punjab's steel industry. The research provides practical insights for policymakers, industry leaders, and SMEs, facilitating informed decisions and potential growth in the industrial sector.

SMEs, Punjab, Maturity level, Industry 4.0, Benefits, Challenges, Innovative practices, Technological implementations.