WEF announces establishing Center for Fourth Industrial Revolution in partnership with Reliance

Mukesh Ambani owned Reliance Industries Limited (RIL) on Wednesday, in partnership with the World Economic Forum, announced establishing a center for Fourth Industrial Revolution in Mumbai.

"The new economy will greatly benefit from the outcome of the Fourth Industrial Revolution 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 (AI) and Machine Learning, Internet of Things (IoT), Blockchain amongst many others," RIL said in a statement.

The World Economic Forum has been championing the Fourth Industrial Revolution.

They have been leading the discussions and shaping the agenda of its potential impact on addressing inclusive growth and solving some of the most pressing challenges facing humanity, by using a combination of multiple technologies and tools.

It is in this context that the WEF had established Center for Fourth Industrial Revolution in the Silicon Valley at San Francisco.

Recognising Prime Minister Narendra Modi's leadership, his Digital India Vision and Startup India programme to encourage young entrepreneurs, the World Economic Forum has decided to open its first centre outside of Silicon Valley.

"The Center for Fourth Industrial Revolution in India will operate as the sister center to the World Economic Forum Center for the Fourth Industrial Revolution in San Francisco, allowing policymakers and thought leaders in India to stay ahead of the curve through unique insights in new forms of governance and new technology applications, and connections with cutting-edge technology innovators globally," the statement added.

The World Economic 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, 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.