The Fourth Industrial Revolution (4IR) also known as Industry 4.0 is a fusion of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing, and other technologies. It was a term coined by Klaus Schwab, founder and executive chairman of the World Economic Forum, describes a world where individuals move between digital domains and offline reality with the use of connected technology to enable and manage their lives.
Advanced technologies, such as the internet of things, artificial intelligence, blockchain, robotics and additive manufacturing, are changing the future of manufacturing. This future depends heavily on our individual and collective capacities to use the rapidly emerging technologies
Benefits of 4th Industrial Revolution
- Enable businesses to use volumes of data to their advantage
- Governments can address social challenges including food security and work towards efficient use of energy and resources, thereby improving the standard of living and achieving sustainable growth.
- It will help alleviate poverty and improve people’s standard of living.
- Improved health care services through better diagnosis, cheaper and advanced medical services.
- Better security, surveillance and search and rescue operations.
- It will help connect remote villages of country to ensure better government services and improved infrastructure for all.
- It promotes ease of living and ease of doing business.
- The improved early warning systems, weather forecasting systems, etc., assure improved disaster management, reduction of causality, faster evacuations, etc.
- Increased crop production through innovative technologies
4th Industrial Revolution Threats
Since 4th Industrial Revolution is based on use of highly advanced technologies, there are fears that it will be very disruptive and create huge unemployment.
Centre for the Fourth Industrial Revolution
As the world’s largest democracy and the country with one of the highest number of scientists and engineers, India is a key political, social and economic player that will shape the course of the Fourth Industrial Revolution. To ensure India’s success in this capacity, the creation of a Centre for the Fourth Industrial Revolution in India dedicated to the Fourth Industrial Revolution was announced by Prime Minister Narendra Modi on 23 January 2018 at the World Economic Forum Annual Meeting.
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