The new economy will greatly benefit from the outcome of the Fourth Industrial Revolution in a digital age and is expected to create significant value to countries that embrace them quickly by accelerating their GDP and job growth. These opportunities include Artificial Intelligence and Machine Learning, Internet of Things (IoT), Blockchain amongst many others.
The World Economic Forum (WEF) has been championing the Fourth Industrial Revolution. They have been leading the discussions and shaping the agenda of its potential impact on addressing inclusive growth and solving some of the most pressing challenges facing humanity, by using a combination of multiple technologies and tools. It is in this context that the WEF has established Center for Fourth Industrial Revolution (C4IR) in the Silicon Valley at San Francisco, as Silicon Valley is already home to several of these exciting developments.
The World Economic Forum today announced establishing a new centre in Mumbai, India in partnership with Reliance Industries. Recognising Honourable Prime Minister Shri Narendra Modi’s leadership, his Digital India Vision and Startup India programme to encourage young entrepreneurs. It is the first centre opened outside of Silicon Valley.
This is being set-up in partnership with the Government of India and Reliance Industries Limited. The C4IR in India will operate as the Sister Center to the World Economic Forum Center for the Fourth Industrial Revolution in San Francisco, allowing policymakers and thought leaders in India to stay ahead of the curve through unique insights in new forms of governance and new technology applications, and connections with cutting-edge technology innovators globally.
The WEF has identified India as a partner since it is a key economic, political and social shaper of the 21st Century’s global, regional and industry systems, which is also on the cusp of a massive digital transformation. The capability for India to maximise the potential and minimise the risks of the Fourth Industrial revolution, both domestically for its economy and society, and globally as a major economic and social innovator and cultural influencer will be one of the foremost drivers for prosperity and peace over the coming decades.