The digital transformation has emerged to be a novel concept in recent times with numerous innovative advantages and some associated unpredictable risks like cyber security, data encryption, data storage and secured communication etc. It is a multifaceted and emerging phenomenon that has significant impact and is this essentially required in the industrial sector for taking the advantages of cutting-edge technologies and internet of things so that the machine can communicate with the outer word in real-time mode. The main objective of this paper is to understand and analyze the effects of digital transformation in metrological sector and its relevance and suitability for the industrial and economic growth. There have been various innovative frameworks developed and reported in recent times employing the various novel tools like digital and smart sensing, rapid prototyping, risk analysis and mitigation, real time data analysis, cyber security, cloud development and Internet of Things etc. Machine learning, artificial intelligence and cybersecurity are the main support systems of developing digital transforming capabilities. The key benefits of digital transformation are the sustainable development and economic growth of any manufacturing unit which indirectly related to the improvement in the overall performance of the retail sector. It is thus the need of hour to focus and implement these aspects in developing a national digital quality infrastructure for augmenting the economic and industrial growth of India.