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4th Industrial Revolution for India

4th Industrial Revolution for India

In News:

  • Economists analyses the critical importance of Fourth industrial revolution for India

About the News:

  • The Centre for the Fourth Industrial Revolution for India was established in Mumbai after its announcement at the World Economic Forum Annual Meeting in Davos, 2018.
  • It has been developed in partnership with National Institution for Transforming India (NITI) Aayog to serve as a platform for technology governance in the Indian context.
  • The role of technology is significant in India, which is resource crunched, and the country is fast adopting 4IR technologies.
  • Success examples of vaccination programs and the built up digital healthcare ecosystem signifies the potential of IR 4.0 technologies for India..
  • However, economists have raised apprehensions considering several foundational challenges including resource and infrastructure crunches to fully realise its potential.

Centre for the Fourth Industrial Revolution in India (C4IR):

About: The Centre for the Fourth Industrial Revolution in India (C4IR) was established in October 2018 to focus on the role of emerging technologies across different sectors.

Important features:

  • It works on three pillars: 4IR technologies such as AI, IoT, blockchain, public-private cooperation, and multi-stakeholder partnership.
  • It works closely with several Union Ministries and state governments, and have signed MoUs with the Telangana and Karnataka governments, and talks are underway with the Arunachal Pradesh government.
  • India has a well-thought-out ecosystem of data, and C4IR is working to develop data platforms such as UPI and Aadhaar, and upcoming platforms such as the one on logistics announced in the budget.
  • It is building skills and capacity in India, which has a substantial young population and an education system capable of producing the required skill sets.
  • It is working to make technologies in various industries more ethical and responsible through a centre on the internet of ethical things in partnership with the Karnataka government.

What is the 4th Industrial Revolution (IR)?

  • The 4th industrial revolution, also known as Industry 4.0, represents a new era of technological advancement that is characterised by the integration of advanced digital, mechanical, and biological technologies.
  • These technologies enable the creation of smart factories and smart cities, where machines and devices are connected and communicate with each other in real-time to optimise production processes and improve efficiency.

Major components of Industry 4.0:

  • Internet of Things (IoT)
  • Artificial Intelligence (AI)
  • Big Data
  • Cloud Computing
  • Cybersecurity
  • Robotics and Automation
  • 3D Printing
  • Blockchain technology
  • Augmented Reality (AR) and Virtual Reality (VR)
  • 5G and Edge Computing.

Advantages of IR 4.0

Challenges of IR 4.0

  • Increased efficiency and productivity: Industry 4.0 technologies enable the automation of repetitive tasks, which can increase productivity and reduce errors.
  • Cost savings: It can help reduce costs by minimising waste and increasing the efficiency of production processes.
  • Improved product quality: It can improve the quality of products by enabling real-time monitoring and control of production processes.
  • New products and services: It can enable the development of new products and services that were not previously possible.
  • Greater flexibility: It can enable greater flexibility in production processes, allowing manufacturers to quickly adapt to changes in demand and market conditions.
  • Better data analysis and decision making: Industry 4.0 enables the collection of vast amounts of data, through IoT devices and other sensors, which can be analysed using AI and machine learning algorithms to make more informed decisions and improve performance.
  • Increased connectivity and collaboration: It can enable greater connectivity between devices, machines, and people, which can lead to more efficient collaboration and knowledge sharing.
  • Improved customer experience: Using IR 4.0, businesses can better understand customer needs and preferences, leading to improved customer experience and satisfaction.
  • Increased competitiveness: The adoption of Industry 4.0 technologies can help businesses to improve efficiency, reduce costs, and develop new products and services.
  • New job opportunities: Industry 4.0 will change the way we live, work, and communicate, and it has the potential to drive economic growth, increase productivity and create new job opportunities in the future.
  • Lack of skilled workers: At present, there is a shortage of workers with the necessary skills to implement and maintain Industry 4.0 technologies.
  • Cybersecurity: Industry 4.0 technologies rely heavily on connectivity and data sharing, which increases the risk of cyber-attacks.
  • Privacy and data protection: Ensuring the protection of personal data is a major challenge considering that Industry 4.0 technologies generate large amounts of data, which can be used to gain insights into individuals and organisations.
  • Ethical concerns: It raises ethical concerns, such as the impact of automation on jobs and the potential for bias in decision-making systems.
  • Infrastructure: It requires a robust and reliable infrastructure, such as high-speed internet and powerful computing resources, which may not be available in all regions.
  • Interoperability: These technologies rely on the ability of different devices and systems to communicate and share data with each other.
  • Integration with legacy systems: Industry 4.0 technologies often require the integration of new and old systems, which can be a complex and time-consuming process.
  • Investment costs: Industry 4.0 technologies can be expensive to implement, especially for small and medium-sized enterprises (SMEs) which may not have the financial resources to invest in Industry 4.0 technologies.
  • Regulation: Niche technologies raise regulatory challenges, such as the need for laws and regulations to address data protection and privacy, and the ethical implications of these technologies.
  • Adaptation and change management: These require a cultural shift and change management to adapt to new ways of working and thinking.

 

https://www.downtoearth.org.in/news/science-technology/fourth-industrial-revolution-4ir-critical-for-india--84878

 

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