INDUSTRY 4.0 AND ITS IMPACT ON INDIAN ECONOMY

Abstract

At present, developed economies like Germany, Japan, the USA, and Singapore have embraced Industry 4.0 to increase their manufacturing competitiveness. At present, India lags behind its global peers in Industry 4.0 adoption. However it has been started to implement these technologies into its industrial process and it also has created lots of positive impacts also. From the beginning of civilization, human beings have tried to increase their capacity and power. At first they were using equipment made of wood or rocks but with the advancement of science they explored modern and efficient equipment, and this process is going on. Machines are one of the inventions of humans. Use of machines was the cause of first industrial revolution. It was termed as a revolution because it not only increased production but also brought significant social and economic changes. For example, in 1790s the French revolution took place, which coined new ideas like Equality, Liberty and Brotherhood, the first industrial revolution, which came to pass a few years after the French revolution, infused those ideas. It means industrial revolutions have a huge impact on our society, not only society but it also affects the world economy. With this backdrop the present paper has made attempt to explain the impact of industry 4.0 on Indian industry KEY WORDS: Industry 4.0; Manufacturing Sector; Indian Economy; Economic Growth; Industrial Development