Globally developed countries have taken lead in exploring, implementing and enjoying the benefits of Industry 4.0 through synchronization of various stake holders such as government, industries and academia. Industry 4.0 technologies are applied in creation of smart cities, smart factories, smart machines, smart products, smart services, predictive maintenance, unmanned vehicles, drones, smart warehousing, collaborative robots etc. The use of Industry 4.0 technologies facilitates fast and better living, efficient services, self adjusting machines, high level automation in the industries with or without human intervention especially in hazardous environments. Fourth Industrial revolution has a potential to transform whole manufacturing system into smart manufacturing system in industries through the integration of Industry 4.0 technologies such as Big Data Analytics, Artificial Intelligence (AI), Cyber Security, Cloud Computing, Collaborative Robots, Additive manufacturing, Augmented reality, Cyber Physical system (CPS), smart sensors etc. This paper elaborates on an overview of Industry 4.0 technologies, challenges and their penetration in the industries through collaborative efforts of industry and academia. Further, highlighted the preparation strategies of the academia for smooth adoption of latest technologies by Indian industries through the trained passing out engineers and supporting infrastructure.