India has an opportunity to lead the fourth industrial revolution
internet of things, and biotechnology, among others. For India, a country that is resource-crunched, the role technology will play will be very significant. India’s potential to lead the fourth industrial revolution is underpinned by several factors.
First, India has a well developed ecosystem of financial data through the Unified Payments Interface (UPI) as well as the Aadhaar platform. There are upcoming platforms as well, such as the one on logistics announced in the latest Union budget. These platforms have the potential to revolutionize sectors from finance to logistics, helping create digital infrastructure that is capable of driving forward the fourth industrial revolution.
Second, India has a substantial young population and an education system capable of producing the required skill sets. Our higher education institutions are brimming with young as well as bright minds eager to make their mark in the world. However, to harness this potential, India needs to invest heavily in cutting-edge technology research and education.
Moreover, India is a fertile ground for entrepreneurship and has emerged as one of the fastest-growing startup bases worldwide. By investing in new technology innovation, we can ensure that these startups lead the way in the fourth industrial revolution, creating solutions that not only benefit India, but also the world at large. However, leading the fourth industrial revolution is not without its challenges.
One of the key challenges is low public and private investment in research. Currently, India’s spending on research and development (R&D) is below 0.7% of its gross domestic product (GDP), while even countries like Egypt and Brazil spend more. The United States, China, Israel, Japan and
. Read more on livemint.com
