Introduction:-

World Economic Forum launched Centre for Fourth Industrial Revolution in India. The centre would be based in Maharashtra and it has selected drones, artificial intelligence and blockchain as the first three projects. It will work in collaboration with the government on a national level to co-design new policy frameworks and protocols for emerging technology alongside leaders from business, academia, start-ups and international organizations. NITI Aayog will coordinate the partnership on behalf of the government and the work of the centre among multiple ministries. 

World Economic Forum :- It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is the International Organization for Public-Private Cooperation and the Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.

World Economic Forum Centre for the Fourth Industrial Revolution Network :-The global network of Centres for the Fourth Industrial Revolution brings together governments, leading companies, civil society and experts from around the world to co-design and pilot innovative approaches to the policy and governance of technology. Its vision is to shape the development and use of technology in ways that maximize the benefits and minimize the risks. The network will develop, implement and scale up agile and human-centred pilot projects that can be adopted by policy-makers, legislators and regulators worldwide.

Impacts of Fourth Industrial Revolution :- 

It was coined by Klaus Schwab in 2016. It fuses physical, digital and biological spheres, and is transforming global production systems. Advanced technologies, such as the internet of things, artificial intelligence, blockchain, robotics and additive manufacturing, are changing the future of manufacturing. Its impacts include-

• If harnessed correctly, this technological change can bring about immense economic opportunities including new and better ways of doing business, the creation of new industries, new and better-quality jobs, higher GDP growth, and improved living standards.
• Workplaces and organizations become "smarter" and more efficient as machines, and humans start to work together, and the use of connected devices enhance supply chains and warehouses.
• There is also the capacity to reduce costs significantly, to reduce the necessity for businesses to have a physical presence, and to create opportunities for new, small-scale producers to enter the increasingly globalised markets.
• There is a destruction effect as technology-fuelled disruption and automation substitute capital for labour, forcing workers to become unemployed or to reallocate their skills elsewhere. It will be accompanied by a capitalization effect in which the demand for new goods and services increases and leads to the creation of new occupations, businesses and even industries.
•  A McKinsey report estimates that, by the year 2030, at least one-third of the activities of 60% of all the occupations could be automated and globally, up to 375 million people may need to change jobs or learn new skills within the next 12 years.

Fourth Industrial Revolution and India :- 

Opportunities for India :-

• India can play a pivotal role in shaping the global fourth Industrial revolution due to the benefits of a better demographic dividend (By 2020, the median age in India will be just 28, compared to 37 in China and the US).
• India can reap maximum benefits of its expansion in telecommunication sector, huge increase in data usage and availability due to government initiatives like Digital India campaign, Start-up India and the Atal Innovation Mission etc.
• Artificial intelligence (AI) can be used effectively to reduce poverty, improve the lives of farmers and make the lives of the differently abled simpler. AI has vast applications across sectors – ranging from medicine to criminal justice, to manufacturing, to finance.
• With the right mix of accelerators – including regulatory frameworks, educational ecosystems and government incentives – India can lead the Fourth Industrial Revolution while simultaneously enhancing the quality, equity and sustainability of its own growth and development outcomes.

Challenges for India :-

• Apart from shrinking jobs, India’s large number of low skilled youth will also face major challenges in big industries as well as MSMEs because product cycles will become very short and this will lead to a lot of uncertainty and unpredictability.
• Small scale manufacturing faces deep infrastructural problems as well as inadequate access to credit which will be a hinderance in benefiting from the changes.
• The highly educated and technically skilled people will command huge salaries in large manufacturing enterprises using robotics and artificial intelligence which will create a huge income gap between the skilled and the unskilled workforce.

Way forward :-

With the right mix of accelerators - including regulatory frameworks, educational ecosystems and government incentives - India can lead the fourth industrial revolution, while simultaneously enhancing the quality, equity and sustainability of its own growth and development outcomes. Among various steps required, following are some important ones-

• Companies should invest in their technical infrastructure and data analysing capabilities. All businesses must be making a move to be smart, connected organizations or they will soon fall behind the competition.
• Education and training systems need to adapt to better prepare people for the flexibility and critical thinking skills they will need in the future workplace.
• India needs to strike the right balance between vocational and new digital industrial skills, boosting education in data science and coding but also providing greater training in traditional manufacturing skills.
• India must take a pragmatic approach to quickly boost traditional manufacturing while adopting new digital industrial technologies that will secure long-term competitiveness.