Fourth Industrial Revolution Current Affairs - 2019

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WEF Organizing India Economic Summit in New Delhi

The World Economic Forum is organizing India Economic Summit on October 3 – 4, 2019 in New Delhi. It is hosted in collaboration with CII – Confederation of Indian Industry. The summit will have special focus on collaboration with South Asia and ASEAN countries.

Bangladesh Prime Minister Sheikh Hasina has arrived in India to attend the summit. She would co – chair the summit along with Singapore Deputy Prime Minister Heng Swee Keat, Sania Mirza representing UN Women. Ore than 800 leaders from 40 countries are expected to attend the forum.

Objective

The summit aims to accelerate Fourth Industrial Revolution. It will convene key leaders from government, private sector and civil society to facilitate dialogues on policy tools, industry standards and guidelines.

Economy of South Asia is to be the top agenda in the summit. Summit will also focus on emerging technologies like AI, environmental reforms, start – ups, education, infrastructure and gender parity.

Theme: Innovating India: Strengthening South Asia, Impacting the World.

Agenda

The summit is to address strategic issues based on 4 thematic pillars

  • New Geopolitical reality – effects of geo – political shifts and complexity of the global system
  • New Social System – Inclusive growth, health and inequality
  • New Ecological System – Climate Change, Environment and Food
  • New Technological System – Science, innovation, entrepreneurship and fourth industrial revolution

Fourth Industrial Revolution

The first industrial revolution machineries used steam to mechanize production. The second industrial revolution used electric power to mechanize production. The third industrial revolution used electronics and information technology to mechanize production. The fourth industrial revolution is building on the third revolution. It is the digital revolution that has been occurring since the middle of the last century.

The technologies that are ruling fourth industrial revolution includes Internet of Things, Block chain technology, 3 – D printing, artificial intelligence, biotechnology, nanotechnology, quantum computing and energy storage.

World Economic Forum

It is an international organization was founded in 1971 in Cologny – Geneva, Switzerland. The organization acts as a think tank publishing wide range of reports. Some of the most significant reports published by the forum includes

  • Global Competitiveness Report
  • Global Gender Gap Report
  • Global Risks Report
  • Global Travel and Tourism Report

These reports are published annually. More than 1000 companies contribute to the funds of the forum.

President of India addresses India-Iceland Business Forum in Reykjavik

President of India Ram Nath Kovind, addressed the India-Iceland Business Forum in Reykjavik, (capital of Iceland) on 11 September 2019. President Kovind is on a 3 day visit to Reykjavik, Iceland from 9-11 September 2019. This is part of President’s three first leg visit to– Iceland, Switzerland and Slovenia. This is also the first visit of an Indian President to Iceland since visit of Dr APJ Abdul Kalam in 2005.

Highlights of India-Iceland Business Forum

India-Iceland Relation: India’s growth and commitment to sustainability and Iceland’s business strengths and niche capacities complement each other and make for a natural partnership.

The technological prowess of Iceland and scientific skills of India could embrace each other to drive 4th Industrial Revolution and machine-intelligence age.

India’s transformative growth programmes and next-generation infrastructure projects present large opportunities for Icelandic companies.

There is scope to enhance economic partnership in areas such as trade, investment, services to research and innovation.

Even though India-Iceland’s bilateral trade figures are modest but Indian market and Iceland’s business strengths can still add significant numbers to them.

Iceland can source manufactured goods, fruits and vegetables, chemicals and engineering goods and textiles from India.

There is a lot of economic potential and opportunities between India and Iceland in pharma, healthcare, finance, hospitality, tourism services and biotech space.