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What is fourth industrial revolution?

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

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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.

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