Today the buzz word is digital economy and Industrial revolution.In the past we have had three industrial revolutions and presently we are at the beginning of the fourth industrial revolution.The first Industrial revolution happened in 19th century when human beings learned to use water and steam to power machines.Animal and human power was replaced with machine power.The second industrial revolution happened at the beginning of 20th century when we learned to mass produced things in factories using electricity.Ford was the first manufacturer to mass produce cars which resulted in big corporations.
The third Industrial revolution started in the 1970s with with the use of computers and automation. Computers were programmed and robots were used in factories to mass produce things.Today we are going through the fourth industrial revolution.Improvement in sensor technology,internet and availability of huge amount of data has triggered the fourth industrial revolution.Till today humans taught machines to work but now machines are capable of self learning and are better than humans in many areas.
Forth Industrial revolution will tremendously improve productivity and reduce cost.Autonomous car is an example of self learning machines. Everytime the car is driven on road it learns how to drive and over a period of time becomes much better than a human being.Industrial revolution 4.0 will cut down on need of human labor for repetitive tasks.Most of the low skill jobs will be eliminated and people will need continuous reskilling to stay relevant. This will have huge implication on a country like India were majority of people are young.Our demographic dividend can get converted to demographic disaster.In future work will be for machines and life will be for humans.
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