INDUSTRY REVOLUTION 4.0 (Syllabus: GS Paper 3 – Economy)

Context: Law Minister of India said that India has entered into industry 4.0 revolution which includes technological advancements like Artificial Intelligence, Internet of Things, robotics and blockchain technology.

Industrial Revolution 4.0

• About: The concept of 'Industry 4.0' was initially formulated by the German government back in 2011.
• Evolution of Industrial Revolution: Industry 4.0 signifies a novel stage in the Industrial Revolution, concentrating mainly on intercommunication, automation, application of machine learning, and instantaneous data.
• Integration of Technologies: Industry 4.0 integrates the Industrial Internet of Things (IoT) and smart manufacturing, merging physical procedures and production with intelligent digital technologies, machine learning, and extensive data.
• Objective: To develop a comprehensive and more interconnected ecosystem for businesses that are centered around manufacturing and supply chain management.
• Companies and organizations today face a common challenge: the need for interconnectedness and real-time data across processes, partners, products, and personnel. This is where Industry 4.0 becomes crucial.

4th industrial revolution in India: status

• The digital economy is projected to reach $1 trillion by 2025, contributing around 25% of India's GDP. (Source: McKinsey Global Institute).
• Industry 4.0 technologies have the potential to create 90 million jobs in India by 2030. (Source: BCG and World Economic Forum).