4th Industrial Revolution Current Affairs

February 12: National Productivity Day

The National Productivity Day is observed every year in India on February 12. Besides, February 12-18 is observed as National Productivity week throughout the country with the theme ’Industry 4.0 Leapfrog Opportunity for India’.

The main observance of day is organised by National Productivity Council (NPC) for encouraging all stakeholders in implementation of productivity tools and techniques with contemporary relevant themes. This year it is 60th Anniversary of the NPC and is being celebrated as Diamond Jubilee Year.

Industry 4.0

It is also called as fourth industrial revolution. It is emerging globally as powerful force and is being called as next industrial revolution. It is characterized by increasing digitization and interconnection of products, value chains and business models.

Industry 4.0 means convergence of real and virtual worlds. It is the next phase in bringing together conventional and modern technologies in manufacturing.  It will result in “Smart Factory”, which is characterized by versatility, ergonomic design, resource efficiency and direct integration with business partners.

Previous industrial revolutions

The first industrial revolution was triggered by water and steam power to move to mechanical manufacturing from human labour. The second industrial revolution built on electric power for mass production. The third industrial revolution used electronic and information technology to automate manufacturing. The fourth industrial revolution is the current trend of automation and data exchange in manufacturing technologies.

National Productivity Council (NPC)

NPC is a national level autonomous organization under Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry to promote productivity culture in India. It was established as registered society on 12th February 1958 by Government to stimulate and promote productivity and quality consciousness across all sectors in the country.

It is a tri-partite non-profit organization (NGO) with equal representation from government, employers and workers’ organizations. It also has representatives from technical and professional institutions including members from local productivity councils and chamber of commerce on its Governing Body.

It also implements the productivity promotion schemes of Government and carry out programmes of Tokyo based Asian Productivity Organization (APO), an inter-governmental body of which India is founder member.

Month: Categories: India Current Affairs 2018

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India ranks 30th on WEF’s Global Manufacturing Index

The World Economic Forum (WEF) has ranked India at 30th position among 100 countries on its Global Manufacturing Index (GMI).

The index was released as part of WEF’s first Readiness for the future of production Report which analysed development of modern industrial strategies and urges collaborative action.

Readiness for future of production Report

The report was developed by WEF in collaboration with A.T. Kearney. It analyses and measures how well positioned 100 countries will shape and benefit from changing nature of production through adoption of emerging technology as part of Fourth Industrial Revolution in production. It calls for new and innovative approaches to public-private collaboration are needed to accelerate transformation.

It has categorised 100 countries into four groups viz. Leading (strong current base, high level of readiness for future), High Potential (limited current base, high potential for future), Legacy (strong current base, at risk for future) or Nascent (limited current base, low level of readiness for future).

Key Highlights of Report

Top 10 countries in GMI: Japan, South Korea, Germany, Switzerland, China, Czech Republic, United States, Sweden, Austria and Ireland.

BRICS nations: China (25th), Russia (35th), Brazil (41st) and South Africa (45th). China was placed among ‘leading countries’. Indian and Russia were placed in ‘Legacy’ group while Brazil and South Africa are in ‘nascent’ ones.

The 25 ‘leading’ countries were placed in best position group to gain as production systems stand on brink of exponential change. No country was placed in frontier of readiness group.

About India: It is 5th-largest manufacturer in world with total manufacturing value added of over US $420 billion in 2016. Its manufacturing sector has grown by over 7% per year on average in past three decades and accounts for 16-20% of India’s GDP. Demand for Indian manufactured products is rising.

India was ranked 9th in terms of scale of production and at 48th place for complexity. It was ranked 3rd for market size. It was ranked poorly (90th or even lower) in parameters like female participation in labour force, trade tariffs, regulatory efficiency and sustainable resources.

Overall, India ranked better than its neighbours Sri Lanka (66th), Pakistan (74th) and Bangladesh (80th). Other countries that ranked below India include Turkey, Indonesia, Canada, Australia, New Zealand, Mauritius and UAE.

World Economic Forum

WEF is independent international organization committed to improving state of world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. It was incorporated as a not-for-profit foundation in 1971. It is headquartered in Geneva, Switzerland.

Month: Categories: Business & Economy Current Affairs 2018

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