Alleviation: An International Journal of Nutrition, Gender & Social Development, ISSN 2348-9340, Volume 10, Number 10 (2023): 1-7 © Arya PG College (College with Potential for Excellence Status by UGC) & Business Press India Publication, Delhi http://apcjournals.com, www.aryapgcollege.ac.in

Fourth Industrial Revolution

Sanjeev Seth1, Mohd. Abdul DeWale2 and Pawan Kumar3
1CEO, Business Press, USA
2Chairman, Global South East Federation, UK
3Director, Madhav University, Mount Abu India
Email: businesspressindia@yahoo.com Email: priyasamridh@gmail.com

Abstract

Technologies that are emerging today will soon be shaping the world tomorrow and will create impact on the economies and society at large. Now that we are well into the Fourth Industrial Revolution, it’s important that we should discuss and ensure that humanity is served by these new innovations so that we can continue to prosper.
Keywords: Industrial Revolution, GDP, NIFTY, BSE, RBI., World Bank, FETA.

Introduction
The Fourth Industrial Revolution (4IR) signifies a paradigm shift in societal, political, cultural, and economic landscapes that is set to unfold throughout the 21st century. Building upon the pervasive influence of digital technologies birthed by the Third Industrial Revolution, the Fourth Industrial Revolution is propelled primarily by the convergence of digital, biological, and physical innovations. The initial industrial revolution, emerging in the late eighteenth century, witnessed the advent of mechanical power, steam power, and the construction of roads and rails. Subsequently, the second industrial revolution, occurring in the late 19th century, was marked by the development of electrical power and the assembly line. The third industrial revolution unfolded in the late 20th century with the advent of computers.
As we find ourselves in the early stages of the 21st century, the Fourth Industrial Revolution is already underway, characterized by the development of mobile and internet technologies, more affordable and compact sensors, and advancements in machine learning and artificial intelligence. Coined in 2016 by Klaus Schwab, the founder and executive chairman of the World Economic Forum, this revolution is perceived as a transformative force reshaping the very fabric of our lives, work, and interpersonal relationships. The transformative elements include mobile supercomputing, intelligent robots, artificial intelligence, machine learning, self-driving cars, neuro-technological brain enhancements, and genetic editing—manifestations of profound change occurring at an exponential pace.
Drawing insights from various sources, including RBI, GDP index, GST Performance, Banking Sector Reforms, NIFTY/BSE Index, World Bank, CNN, and Economic Times Data, it becomes evident that the fourth industrial revolution is not confined to technological shifts alone. It represents a fundamental re-evaluation of how nations progress, how organizations generate value, and even the essence of humanity itself. This revolution, marked by unprecedented speed, breadth, and depth, necessitates a reconsideration of existing paradigms.
The fourth industrial revolution is not merely a technological metamorphosis; it presents an opportunity to empower everyone, spanning leaders, policy-makers, and individuals from diverse income groups and nations. The aim is to leverage converging technologies for the creation of an inclusive, human-centered future. Beyond the realm of technology, the real potential lies in enabling a broad spectrum of people to positively impact their families, organizations, and communities.
In the Indian context, the 4IR has instigated significant advancements in the Information and Communication Technology (ICT) sector, primarily fueled by the expansion of mobile digital financial services. However, the transformative potential extends beyond this domain, encompassing Artificial Intelligence (AI) and blockchain technologies, which hold promise in addressing social and economic challenges unique to India. The multifaceted applications of 4IR technologies in India underline their potential to be truly transformational across various sectors.
The Transformative Potential of 4IR in India is Substantial
“The Fourth Industrial Revolution is still in its nascent state. But with the swift pace of change and disruption to business and society, the time to join in is now.
Promoting Economic Growth, Structural Transformation, and Inclusive Development
In recent times, the Information and Communication Technology (ICT) sector in India has demonstrated sustained growth, a trend poised to persist. The advent of digitization has effectively addressed information asymmetry issues in both the financial system and labor market, thereby enhancing efficiency, certainty, and security in an environment where the seamless flow of information is pivotal for economic advancement and job creation.
However, neglecting to acknowledge and harness the opportunities presented by the Fourth Industrial Revolution (4IR) may impose significant risks on Indian stakeholders. Failing to transcend existing models of innovation, entrepreneurship, and digital growth could lead Indian businesses to lag further behind, widening the global "digital divide" and diminishing their international competitiveness. Breaking away from established paradigms necessitates disciplined governance fostering an endogenous innovative environment. Concurrently, institutions must safeguard the market by implementing consumer protection laws and regulations that foster healthy competition.
Addressing Poverty and Inequality
The proliferation of digital technologies holds the potential to empower economically disadvantaged individuals by providing access to information, employment opportunities, and services that elevate their quality of life. Artificial Intelligence (AI), the Internet of Things (IoT), and blockchain can significantly augment opportunities for data collection and analysis, facilitating more targeted and effective poverty reduction strategies.
Reimagining Labor, Skills and Production
By 2030, India's potential workforce is poised to become one of the largest globally. Coupled with the requisite infrastructure and skills for innovation and technology utilization, the 4IR represents a monumental opportunity for growth. The transformative nature of the 4IR is reshaping global labor and production systems, necessitating job seekers to cultivate skills and capabilities for rapid adaptation to the evolving needs of Indian firms and automation at large. India's working population is already witnessing improved education levels, preparing them to seize the opportunities presented by the 4IR.

Enhancing Financial Services and Investment
Digitization has had a profound impact on economic growth through inclusive finance, enabling the unbanked population to enter the formal economy via retail electronic payment platforms and virtual savings and credit supply technological platforms. Beyond financial inclusion, digitization is fostering a rethinking of business models, making them more impactful, sustainable, and interconnected with various sectors of the economy. Businesses can now design products and engage in online trade, while individuals can conduct financial transactions seamlessly. The government, too, is transitioning to online platforms to provide public services conveniently. Additional 4IR technologies, such as blockchain, have facilitated efficient verification of property records and transactions in India and Kenya, expanding access to credit in previously informal sectors.
Harnessing Advanced Technologies for Social Impact
In India, Prime Minister Modi recently launched the Swamitva Yojana, employing drones for precise measurement of residential land in villages. This innovative approach creates a non-disputable record, granting ownership rights to residents. Furthermore, the integration of Artificial Intelligence (AI) is becoming increasingly pivotal, particularly in predictive analysis. Prioritizing AI-based predictive models in agriculture, healthcare, and education can yield transformative outcomes. For instance, AI can detect signs of students at risk of dropping out, as demonstrated in Andhra Pradesh, where predictive analysis identified potential dropouts based on various parameters. Similarly, AI has played a crucial role in improving graduation rates in the Tacoma School District in Washington state. Leveraging AI on a larger scale has the potential to create success stories in various sectors, illustrating the transformative power of advanced technologies.
In the realm of agriculture, Microsoft, in collaboration with the International Crop Research Institute for the Semi-Arid Tropics (ICRISAT), a non-profit organization, has introduced a groundbreaking AI-powered sowing application tailored for Indian farmers. This innovative technology leverages artificial intelligence and historical weather data to forecast the optimal timing for sowing seeds and various stages of the agricultural process. The insights are then seamlessly communicated to farmers through SMS. Notably, this initiative has resulted in a remarkable 30 percent increase in crop yields, without necessitating the installation of field sensors or any additional capital expenditure. The only requirement for farmers to access this invaluable information is a mobile phone capable of receiving text messages.
The predictive power of the application is rooted in the calculation of the Moisture Adequacy Index (MAI), a standardized measure gauging the adequacy of rainfall and soil moisture to meet crop water requirements. The data is further downscaled to establish predictability, guiding farmers to identify the optimal sowing week. Microsoft reports that ICRISAT successfully expanded the application of these AI-based insights to 4,000 farmers across Andhra Pradesh and Karnataka in 2018 for the Kharif crop cycle (rainy season).
Beyond the agricultural domain, Microsoft has developed a sophisticated multivariate model for forecasting agricultural commodity prices. This model utilizes remote sensing data from geostationary satellite images to predict crop yields throughout the farming stages. Currently applied to forecast prices of "tur" pulse, the model demonstrates scalability and adaptability to other regions and crops. The company's commitment extends to enhancing citizen services in India, manifested through the creation of user-friendly application programming interfaces (APIs) for improved speech recognition and translation solutions.
These endeavors align with a broader trend of increased AI adoption in India, with major partners such as TCS, Wipro, Infosys, Cognizant, and Accenture actively embracing AI technologies. These developments mark an exciting era for the real-world application of AI in the country, presenting substantial opportunities for job creation, particularly in the informal sector, which constitutes a significant portion of India's GDP.
One of the pivotal areas where 4IR technologies, including AI, can play a transformative role is in the modernization of agriculture and agro-industries. India, with its vast agricultural potential, stands to benefit from tools that offer competitive pricing information, monitor crop data, provide disease prevention strategies, and offer disaster mitigation support. This transformation has the potential to significantly enhance income, production, and overall demand in the agriculture sector.
Simultaneously, Indian entrepreneurs and startups are harnessing the power of the Internet of Things (IoT) to implement data-driven "precision farming" techniques. These initiatives aim to optimize productivity, reduce waste, and enhance efficiency in the agricultural sector.
Moving beyond agriculture, the impact of 4IR technologies extends to health care and human capital development. India grapples with various health challenges, exacerbated by factors such as climate change, limited infrastructure, and a shortage of qualified professionals. In this context, 4IR technologies offer a promising avenue for mitigating health threats and building sustainable health care systems, particularly in economically disadvantaged states.
Mobile technology has emerged as a powerful platform for improving medical data management and service delivery. Notable examples include the incorporation of drones into health care systems, as witnessed in Rwanda, where autonomous air vehicles deliver blood transfusions to remote regions. Additionally, during the Ebola outbreak in 2014, platforms like WhatsApp facilitated the dissemination of information, symptom checking, and communication during quarantine.
The digitization of health-related processes has yielded immediate benefits in illness detection and pharmaceutical production. Artificial intelligence is gradually finding its place in aiding medical professionals in accurate diagnoses, such as in the case of cervical cancer and other abnormalities. IBM Research India, for instance, is actively utilizing AI to optimize malaria eradication methods in specific locations, employing game theory and deep learning data analytics for diagnosing pathological diseases and birth asphyxia.
On the forefront of health care innovation, the Telangana government has embraced Microsoft's Intelligent Network for Eyecare (MINE), developed in collaboration with the LV Prasad Eye Institute. MINE employs machine learning and advanced analytics to predict regression rates for eye operations, enabling doctors to precisely identify procedures necessary for preventing and treating visual impairments. The Telangana government is further leveraging Microsoft's Cloud-based advanced analytics solution to screen children from birth to 18 years for major health conditions, contributing to early intervention and improved health outcomes. In summary, the integration of 4IR technologies in India holds the potential to revolutionize agriculture, enhance health care systems, and contribute to significant socio-economic development.
Strategies to Address Key Challenges and Harness Opportunities in India's 4th Industrial Revolution
Undoubtedly, the Fourth Industrial Revolution (4IR) introduces both promising prospects and formidable challenges for India. Policymakers face the crucial task of aligning their economies to reap the benefits of the 4IR while effectively navigating the associated challenges. This article outlines three essential strategies that leaders should prioritize to position India strategically in the era of the 4IR as follows:
1. Resolving the Labor-Skills Mismatch
A critical concern in India revolves around addressing the imbalance between available jobs and the burgeoning youth population. State governments, cognizant of the need to generate employment, often exhibit reluctance to embrace technologies that may jeopardize existing jobs. The current trend of technological advancements tends to displace low-skilled workers, a demographic that India has in abundance, in favor of higher-skilled roles. To ensure inclusive participation in the 4IR, Indian governments must invest significantly in education and re-skilling programs.
The imperative is to transform the workforce in such a way that technology becomes a supplement rather than a replacement for labor. This entails a strategic emphasis on skill development, creating an adaptable workforce that can seamlessly integrate into the evolving technological landscape while mitigating potential job losses.
2. Strengthening Flexible Governance for Secure 4IR Integration
Innovation lies at the core of the 4IR, necessitating a robust state and institutional capacity to drive and support innovation. An enabling business environment is crucial for success in this transformative era. A key regulatory challenge is the escalating threat to cybersecurity. Addressing this challenge involves adopting widely accepted norms and regulations, laying the foundation for increased cybersecurity.
Companies, in parallel, should invest in upskilling their employees, fostering a workforce equipped with the necessary cyber security skills. Aligning policies and procedures with global standards will enable India to adapt swiftly to the dynamic changes brought about by the 4IR, facilitating accelerated participation in global value chains.
Moreover, the 4IR has the potential to revolutionize service delivery through innovations such as national identification systems and advanced biometrics. These technologies can centralize data for diverse uses, enhancing efficiency and accessibility.
3. Developing Robust Physical and Digital Infrastructure
India's access to advanced technology is impeded by infrastructural limitations, including electricity and tele-density, internet density, and broadband penetration. Overcoming these bottlenecks requires a dual approach: accelerating the physical connectivity of fiber-optic networks and enhancing the interoperability of virtual platforms.
Investing in infrastructure development is pivotal for driving economic transformation in India. Improved connectivity will lower transport and communication costs, enabling regions with suitable agro-ecological conditions to produce high-value products. Closing the internet connectivity gap with advanced economies will empower more Indian states to enter service export markets.
Additionally, a focus on standardized application programming interfaces and common data languages is essential for integrating self-sufficient systems and mitigating cyber threats. By acknowledging and leveraging new industry niches, the Indian government and entrepreneurs can maximize the potential of the 4IR, fostering sustainable and inclusive growth.
Conclusion
The strategies centered on addressing the labor-skills mismatch, fortifying governance for secure integration, and developing robust infrastructure, provide a comprehensive roadmap for India to navigate the challenges and capitalize on the opportunities presented by the Fourth Industrial Revolution. By implementing these measures, India can position itself as a proactive participant in the global landscape of the 4IR, driving innovation, economic growth, and societal advancement.

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