World Economic Forum (WEF) President Borge Brende has said that India can play a crucial role in shaping the global fourth industrial revolution agenda in a responsible, scalable and inclusive manner, as more than 50 percent of its population is below the age of 27. He also said that the advent of the fourth industrial revolution can help India leapfrog traditional phases of development and accelerate its transition to a developed nation. He also noted that they are seeing the emergence of innovative technological trends such as artificial intelligence, the internet of things, robotics, 3D printing, nanotechnology, and others with applications as diverse as the technologies themselves. He added that the combination of these technological innovations is the fourth industrial revolution.
Brende has pointed out that deploying these technologies optimally and strategically can create a potent mix of resources and infrastructure that can yield better quality, more sustainable growth. He also noted that with the right mix of accelerators – including regulatory frameworks, educational ecosystems and government incentives – India can lead the fourth industrial revolution, while simultaneously enhancing the quality, equity and sustainability of its own growth and development outcomes. Besides, he said that the WEF, which has been championing for the ‘Fourth Industrial Revolution’, is to set up a new centre in Mumbai, in partnership with Indian government. He stated that the centre will work to accelerate the development and implementation of governance protocols for emerging science and technology to serve citizens, society and the public at large.
The WEF President further said that the Indian government is already on the right path by bringing the necessary structural reforms and promoting an entrepreneurial ecosystem through initiatives such as Startup India and Atal Innovation Mission. He also said that Prime Minister Modi’s ‘Together for All, Development for All’ clarion call and his emphasis on embedding technological evolution within this philosophy for broad-based development will be a key driver of inclusive growth and progress in India.