Industrial Revolution 4.0 refers to the technological innovations involving the combination of humans and electronics. It merges physical, digital and biological spheres.
Industrial revolution 4.0
- Block chain technology
- Internet of things (IoT)
- Big data
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India is the 4th nation where the world economic forum opened the centre for the 4th Industrial revolution.
Industrial revolution 4.0 can have different impacts:
- Technological transformation – increase in efficiency and economy
- Drop-in transport costs – benefits trade, opens new markets
- Economic growth – better developmental initiatives – growth alienation
- Reach to a wider audience. E.g. use of Google Nexus in Maharashtra’s rural school
- Advancement in biotechnology – genetically modified crops – increase farm income
- Use of big data to predict weather and mitigate natural disasters
- E-governance – participation and transparency – check on corruption and scams
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However, it can have negative impacts also:
- Automation would lead to unemployment and jobless growth.
- More emphasis on skills – the gap between low skill/ low pay and high skill/ high pay.
- Increase in the gap – disharmony – social and political implications.
- Misuse of data by mapping user behaviour – exploitation of the consumer.
- Concerns about cyber security and frauds.
To gain the benefits of the 4th Industrial revolution there is a need to develop better infrastructure, ensure job security and keep a check on data mapping.
Industrial revolution 4.0 can take India to new heights and thus should be shaped in a positive manner.