Demographic dividend: India can shape global 4th Industrial revolution, says WEF official

Demographic dividend: India can play a pivotal role in shaping the global 4th Industrial revolution as over half of its population is under the age of 27, according to a senior WEF official. "The advent of the 4th industrial revolution can help India leapfrog traditional phases of development and accelerate its transition to a developed nation," World Economic Forum (WEF) President Borge Brende said. With more than 50 per cent of its population is under the age of 27, India can play a pivotal role in shaping the global fourth Industrial revolution in a responsible, scalable and inclusive manner, Brende said in a blog on Prime Minister Narendra Modi's website.

The combination of technological breakthroughs such as artificial intelligence, blockchains and Internet of Things is the fourth industrial revolution. Deploying these technologies optimally and strategically can create a potent mix of resources and infrastructure that can yield better quality, more sustainable growth, he added. The WEF has already partnered with the Indian government to set up the Centre for the Fourth Industrial Revolution India in Mumbai. 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 forum 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. With one of the youngest labour forces in the world, a sizeable technical aptitude, the second largest number of internet users on mobile devices and the second largest English speaking population, India is well positioned to enhance its global leadership in a post fourth industrial revolution era, Brende said.

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, he added. He 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.

"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," the WEF President said.