The WEF, which has been championing for the ‘Fourth Industrial Revolution’, is to set up a new centre in Mumbai, in partnership with the Centre and Reliance Industries Ltd (RIL). This is the first centre to be opened outside Silicon Valley.

The Centre for Fourth Industrial Revolution (C4IR) in India will operate as a sister centre to WEF’s centre in San Francisco. It will provide policy-makers and thought leaders in India with insights in new forms of governance and new technology applications, and connections with cutting-edge technology innovators globally, RIL said in a statement.

WEF identified India as a partner since it is a key economic, political and social shaper of the 21st century’s global, regional and industry systems, which is also on the cusp of a massive digital transformation. The capability for India to maximise the potential and minimise the risks of the Fourth Industrial Revolution, both domestically for its economy and society, and globally as a major economic and social innovator — and cultural influencer — will be one of the foremost drivers for prosperity and peace over the coming decades, it added.

4IR, also termed as the second machine age, is described as a range of new technologies that are fusing the physical, digital and biological worlds. It impacts all disciplines, economies and industries.

The new economy will greatly benefit from 4IR in a digital age and is expected to create significant value to countries that embrace them quickly by accelerating their GDP and job growth. These opportunities include artificial intelligence and machine learning, internet of things (IoT) and blockchain, among others, the statement added.

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