By Aditya Gupta
The 2018 World Economic Forum was a moment under the sun for the Indian economy. Narendra Modis beautiful start and recognition of India as one of the fastest growing economies of the world were the two major spotlights of this annual event. A number of Indian industrial personalities too were present to witness this feat. India has been predicted to grow at a rate of 7.4% in 2018, which is higher than the growth of any other economy in the world. Aided by this magnificent prediction, India has been recognised as the centre for the Fourth Industrial Revolution and will have this centre set up in Mumbai along with assistance from Reliance Industries.
India: The hub for the Fourth Industrial Revolution
India is set to be the new major economic power and is play a huge role in the 21st century. Hence a sister centre of the Fourth Industrial Revolution in San Francisco is set to be built in Mumbai. This is to be a Science and Technology centre set to aid the government in the progress of the economy. The neighbouring countries too are set to be beneficiaries of this centre as they will be directly affected by its future developments.
The 21st century is the onset of the digital age. There are a number of opportunities to be explored which can completely change the face of business in the world. Artificial Intelligence (AI) is set to take over jobs of a redundant nature, yet there is still need for some more scientific development before the wide-scale release of this technology in the market. With the abundance of businesses in the world, data is one of the biggest factors of importance, and Machine Learning and the Internet of Things are ways in which such data can be capitalised. Another one of the biggest breakthroughs is Blockchain technology which is being implemented in new production models day by day.
Hence there is a generation of new technological advancements ahead and new prospects for growth and development. The Industrial Revolution Centre is being set up with the primary motive of aiding this research and development. The results of such research being utilised by the government for the creation and implementation of new policies and programmes which are set to aid the growth of the economy.
Reliance and its stake in making India an economic superpower
Such a centre being set up in India is a feeling of great pride for the Indian population as this signifies the fact that on a global level India has been recognised as a major economic superpower. This centre will lead to the overall development of India, along with its bordering countries as the benefits of such an environment of growth and development spread with ease.
Reliance Industries is to aid the government in setting up this centre in Mumbai. Reliance is a household name in India with an established image throughout the nation. It is one of the largest conglomerates, with a more than sound financial position. Developments in new sites for setting up oil refineries and the wide acceptance of JIO in India have further strengthened its position in the Indian market. With such a strong presence in the market, Reliance Industries is the best possible business for aiding the government in such a large-scale operation.
India is growing at a rapid pace and is soon going to be one of the most powerful and influential economies in the world. This is no longer just an ambition but a recognised fact by the world. Hence India has been chosen to have a centre for the Fourth Industrial Revolution. With this centre, Indias already booming growth is sure to skyrocket and bring the India economy up to heights of comparison with the likes of the United States and China.
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