India is well positioned to play a key role in shaping the global fourth industrial revolution with a young labour force, a large English-speaking population and the second largest numbers of internet users, top WEF official said.

But, the country will need access to infrastructure, electricity, and stability in monetary and fiscal policies, World Economic Forum (WEF) President Borge Brende told here.

Fourth industrial revolution — a technological revolution through artificial intelligence, blockchains and Internet of Things — is changing the scale, scope and complexity of the opportunities and challenges people face today.

“India can play a major role in shaping the global fourth industrial revolution as more than half of India’s population is under the age of 27. Besides, the country has the second largest English speaking population as well as the second largest number of internet users on mobile devices,” the president said.

However, the country is lagging behind when it comes to skills and education, he added.

According to Brende, India can lead the fourth industrial revolution and simultaneously enhance the quality, equity and sustainability of its own growth and development outcomes.

The WEF has already partnered with the Indian government to set up the Centre for the Fourth Industrial Revolution India in Mumbai.

“The centre will become operational in the second half of this year,” Brende noted.

It will work to accelerate the development and implementation of governance protocols for emerging science and technology to serve citizens, society and the public at large.

The forum has 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.

Source – Economic Times