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Fourth Industrial Revolution (4IR) is characterized by a fusion of technologies that blur the lines between physical, digital, and biological spheres. It is marked by advances in robotics, artificial intelligence,nanotechnology, quantum computing, Internet of Things (IoT), 3D printing and autonomous vehicles, etc.Like previous Revolutions, 4IR also has the potential to raise global income levels and improve quality of life globally.According to Klaus Schwab founder and executive chairman of WEF “Fourth Industrial technological revolution is Revolution that will fundamentally alter the way we live, work and relate to one another”.
However, there are concerns that it could yield greater inequality due to following reasons:
1.Disruption of blue-collar labor markets: Faster and better machines will reduce the competitiveness of low-cost and low-skilled labour, causing their displacement. 2.Affordabily and accessibility challenges: In a country like India with gender divide, digital divide,rural-urban divide, educational gaps, 4IR would exclude a substantial proportion of population. 3.Talent as a critical factor of production, over capital: This may give rise to a job market increasingly segregated into “low-skill/low-pay” and “high-skill/high-pay” segments, potentially causing social tensions 4.Disruption of existing industry structures: Small and local businesses, that fail to embrace 4IR, would be ousted by agile, innovative competitors that would have access to global digital platforms for research, development, marketing, sales, and distribution.
On the positive side, 4IR would lead to economic inclusion by creation of new ways for citizens to connect to each other, improved access to education, improved healthcare, regeneration of natural environment through better asset management etc.
Nevertheless, to address the concerns related to 4IR, various measures strengthening policy and institutional ecosystem need to be taken. These include:
1.Equitable access to affordable and quality education and skilling: reducing gender gaps, increasing enrollment in primary, secondary, tertiary and vocational sector. 2.Evolutionary regulatory system that continuously adapts to the new, fast-changing environment through close collaboration with business and civil society to uphold the rights of the consumers and the labour. 3. Data protection to uphold privacy, intellectual property rights and related dimensions, in order to ensure reliability to move, process and store data – that forms the foundation of 4IR. 4.Harmonised and interoperable business environment facilitating services of banks, payment firms,online marketplaces, logistics providers etc. at regional levels to root out the risk of losing out to larger rivals 5.Rethink on fiscal policy – as products become virtual and services move online and are delivered remotely, tax evasion needs to be thoroughly checked.
The Fourth Industrial Revolution may indeed have the potential to “robotize” humanity and thus to deprive us of our heart and soul. But as a complement to the best parts of human nature-creativity, empathy, stewardship, it can also lift humanity into a new collective and moral consciousness based on a shared sense of destiny. It is incumbent on us all to make sure the latter prevails. We should thus grasp the opportunity and power we have to shape the Fourth Industrial Revolution and direct it toward a future that reflects our common objectives and values.With 4IR being driven mostly by private players, policies should ensure that the benefits are reaped by all stakeholders to ensure long-term sustainable growth.
By: Harman Sandhu ProfileResourcesReport error
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