by Mr. Anuj
Puri – Chairman & Country Head, JLL India
After tackling the third
industrial revolution that is digital in nature, it is time for India to
prepare for the fourth industrial revolution.
Soon to be a reality for
labour-intensive countries like India, the next industrial revolution will
require a major skilling up of many of our 1.2+ billion citizens.
With a huge
demographic dividend of under-35’s having a long working life ahead of them,
unlike most mature economies that are seeing a decline in their populations,
the future of many generations will be dictated by how India responds to this
challenge today.
The fourth industrial
revolution will see emergence of new technologies and increased automation,
which could relegate many professions of today.
Despite the IT sector shaping
into one of the world’s biggest – post-liberalisation in the early 90’s – and
achievements in the space technology and services industries among others,
India still remains a nation with a big base of unskilled and semi-skilled
labour at the bottom of the pyramid.
The ‘Make in India’
programme aims to tap into this labour pool, besides vying to become the next
manufacturing hub after China. However, manufacturing is a sector that will see
the maximum disruption in its ways of doing things.
Automation will make
inroads into this industry globally like never before and coupled with the
Internet of Things (IoT) will lead to emergence of new jobs and thus, newer
skills. Though the ‘Skill India’ programme is expected to be of help, India
needs a major revamp of the existing education system.
Naysayers say the fourth
industrial revolution will result in job losses but optimists say it will
create many more jobs in the long term than it will take away initially.
While
that may be up for debate, there is no denying that the old ways of doing
business in several industries will make way for the new. It will also result
in demand for newer skill sets and upskilling of talent. Cultures that are
adaptive to change will thrive while others would struggle.
In the business world,
industries like automobile, transportation, medical, consumer durables and
electronics are expected could see major disruption, besides manufacturing.
This is not to say that all the remaining sectors would continue unaffected by
the fourth industrial revolution.
As and when the transition starts, the
implications are expected to be harsher on populous countries with a
low-skilled or semi-skilled labour force.
India, too, has a
choice: to ride the oncoming wave or go adrift. In other words, either gear up
the emerging economy by evolving solutions unique to India or risk losing
successes achieved during recent decades.
My sincere hope is that India will
not only reach the bus stop but also board its bus and not end up missing it
yet again.
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