Fourth Industrial Revolution

Key points

India was exploited under colonial rule during the first and second industrial revolutions.
India did take part in the third industrial revolution under the shackles of economical controls.
The fourth industrial revolution is characterised by a fusion of technologies that is blurring the lines between the physical, digital and biological spheres. It is evolving at an exponential pace.
The breadth and depth of these changes herald the transformation of the entire system of production, management and production.
5G Celluar networks, AI and blockchain and distributed ledger technology could change the landscape of global production and take over the next few decades.
Indian industry is adept at exploring and adopting new trends.
India has witnessed a 20 per cent average annual growth rate of new installations of robots for the period 2008 to 2020.
It is against 15 per cent recorded worldwide.
Technology-led innovation will lead long term efficiency and production.
Manufacturing, transportation and communication costs will drop, and logistics and supply chains will become more effective.
Major shifts on the demand side also occur in the new patterns of consumer behaviour.

The four industrial revolutions are coal, gas, electronics and nuclear, and the internet and renewable energy.
Beginning from 1765 through the present day, we’ve seen an amazing evolution.
As we discovered different energy sources and later, digital technologies, the entire landscape of the modern world has been transformed over and over.

The original industrial revolution transformed our economy from agriculture to industry.
Processes became mechanized and products were manufactured for the first time.
During this period, the discovery of coal and its mass extraction, as well as the development of the steam engine and metal forging completely changed the way goods were produced and exchanged.
Inventions such as spinning machines and looms to make fabric were making their appearance. Canal transportation began replacing wagons and mules for moving around these goods.

As the first industrial revolution was driven by coal, the second revolved around the discovery of electricity, gas and oil.
The invention of the combustion engine went hand-in-hand with these fuel sources.
Both steel- and chemically based products entered the market during this time.
Developments in communication technology got a jump start with the telegraph and later the telephone.
Transportation grew by leaps and bounds with the invention of the plane and the car.
Mechanical production grew in speed through the advent of mass production.

After another hundred years, nuclear energy and electronics enter the landscape.
Nuclear power began in Europe, grew in both Great Britain and the United States, went into remission for years, and grew in Asia.

Greater inequality disrupts the labour market.
Due to automation, there might be a gap between the returns of capital and returns to labour.
We should grasp the opportunity and power to shape the fourth industrial revolution to achieve objectives and values.
For safe and rewinding jobs we should require extensive skilling and reskilling of workers.

Economic:

Social:

Environmental:

All previous industrial revolutions have had both positive and negative impacts on different stakeholders.
Nations have become wealthier, and technologies have helped pull entire societies out of poverty, but the inability to fairly distribute the resulting benefits or anticipate externalities has resulted in global challenges.
By recognizing the risks, whether cybersecurity threats, misinformation on a massive scale through digital media, potential unemployment, or increasing social and income inequality, we can take the steps to align common human values with our technological progress and ensure that the Fourth Industrial Revolution benefits human beings first and foremost.

The vision of our economy is to increase the basic foundations of the Digital economy.
Technology is the basis for making the Country self-reliant.
Artificial intelligence, robotics, the internet of things, autonomous vehicles, 3D printing, nanotechnology, biotechnology, material science, energy storage and quantum computing are possibilities together, we can make India an innovation and technology-led economy.

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