21 Apr 4th Industrial Revolution
4th Industrial Revolution – Today Current Affairs
It is characterized by the increasing digitization and interconnection of products, value chains and business models. Industry 4.0 would mean the convergence of real and virtual worlds. This will result in the “Smart Factory”, which is characterized by versatility, resource efficiency, ergonomic design and direct integration with business partners.
Today Current Affairs
1st industrial revolution : The Hindu Analysis
It began in Britain in 1760s with the mechanisation of the textile industry, harnessing of steam power and birth of the modern factory.
2nd industrial revolution : The Hindu Analysis
It began in1900s to the outbreak of World War I. It was powered by developments and consequent mass production (countless numbers of identical products quickly and cheaply) and consumption. Industrialization spread even further – to Japan after the Meiji Restoration and into Russia.
3rd industrial revolution : The Hindu Analysis
Since 1970s there was emphasis on digital mass customisation. For example, ‘3D printing’. However, its key concepts and applications are yet to be imagined fully.
How different will be the 4th industrial revolution?
Fourth Industrial Revolution is distinct one, mired with velocity and scope of development, affecting almost every sector of economy. These are based on the technologies and infrastructure of the third industrial revolution but present entirely new ways in which technology becomes embedded within societies and even our human bodies like genome editing, artificial intelligence etc. Hence, it can be said that the 4th industrial revolution is an upgrade on the third revolution and is marked by a fusion of technologies and physical, digital and biological worlds.
Challenges posed by this revolution : The Hindu Analysis
Greater inequality, particularly in its potential to disrupt labour markets. It is often seen that the first victim of any innovative change in the economy are often the labour class. For example, those who are working manually would get the severe hit by this revolution in term of job losses. However, it will also lead to few other important implications like talent, more than capital, is the critical factor of production in era of 4th industrial revolution. Also, the largest beneficiaries of innovation tend to be the providers of intellectual prowess and capital — innovators, shareholders, and investors — which explains the rising gap in wealth between those dependent on labour.
Implications for India : The Hindu Analysis
As per world bank analysis about 69% of the jobs in India are at the verge of automation, leading to widespread unemployment in India. Linking this to society and polity, there would be rise in protest, revolt and unrest throughout the society. This will ultimately force the government to take initiatives to tackle the same.
Initiatives that the government must think over : The Hindu analysis
One argument is by the welfare economist like Raghu Ram Rajan, who argue that the government should provide active support by some social security measure to alleviate the pain of job loss. For example, government can initiative programmes akin to “Universal Basic Income (UBI)”. Another measure that has been suggested is to reskill those people who may have lost their jobs. For example, providing computer training to unemployed skill workers. Also, these systems are to be repaired or maintained by someone. So, these people can be reskilled for that.
Here we mention all information about 4th Industrial Revolution – Today Current Affairs.
As is said “change is the only constant thing in the world”. Keeping that in mind debate against 4th industrial revolution may not be very fruitful. What should be debated “how to deal with the implications of this change?”