Topic : Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
5) Write a note on 4th Industrial Revolution. Discuss in detail the possible impact of it on Indian economy.(250 words)
Why this question:
The article provides for a detailed analysis on the coming of 4th Industrial Revolution.
Key demand of the question:
Analyse in detail what is 4th Industrial Revolution and what are its impact on Indian economy.
Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.
Structure of the answer:
In a few introductory lines explain what you understand by 4th Industrial Revolution.
In brief discuss –
- What is 4th Industrial Revolution (4th IR)? – characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
- There are three reasons why today’s transformations represent not merely a prolongation of the Third Industrial Revolution but rather the arrival of a Fourth and distinct one: velocity, scope, and systems impact.
- Discuss its Impact on Indian economy – both negative an positive.
- Positive Impacts:
- Demographic dividend and Employment generation, Strong Banking sector, Global Leader in Industrial revolution, Investments and exports, Agriculture and Health etc.
- Negative Impacts: Loss of jobs, Competitiveness, Dumping, Loss to MSMEs, Economic inequality, Environmental Externalities etc.
Conclude with what needs to be done, suggest way forward.