Prime Minister Narendra Modi allayed fears of job loss due to technological development, stating that the '4th Industrial Revolution' will change the nature of jobs and provide more opportunities.
Speaking at the launch of the Centre for the Fourth Industrial Revolution, he said his government is open to policy changes to help reap benefits of the fourth industrial revolution.
"Our diversity, our demographic potential, fast-growing market size and digital infrastructure has potential to make India a global hub for research and implementation," he stated.
As per the PM, while the previous industrial revolutions eluded the country, India's contribution to the 4th Industrial Revolution would be astonishing.
"India was not independent when the first and second industrial revolution happened. When the third industrial revolution happened, India was struggling with challenges of just attained independence," he said.
Artificial intelligence, machine learning, Internet of Things, blockchain and big data hold the potential to take India to new heights, the Prime Minister added.
The WEF’s new Centre for the Fourth Industrial Revolution in India would endeavor to bring together the government and business leaders to pilot emerging technology policies.
The centre, launched by Modi, would be based in Maharashtra and it has selected drones, artificial intelligence and blockchain as the first three project areas.
The issue of inadequate job creation has been a major thorn in the side of the current government. The PM had earlier rubbished the claims of lack of jobs in the country and mentioned more than lack of jobs the upsetting issue is lack of data of jobs.
In this direction, the PMO had set up the committee under former chief statistician of India TCA Anant to assess why the payroll data varied so vastly with the labour ministry’s employment survey. Based on the recommendations of the committee, the PMO will take a call on how the various sources of employment data will be processed and published. The committee which was to submit its report in July, a month after it was constituted, is now expected to make its recommendations by end of this year.