The Impact of Industry 4.0 on Employability and the Skills Required in India

Abstract

Industry 4.0 is the Fourth Industrial Revolution in the world and is the cyber-physical transformation of manufacturing. Industry 4.0 is a movement toward automation and data exchange in technologies and processes, which includes Internet of Things (IoT), Industrial Internet of Things (IIoT), Cyber-Physical Systems (CPs), Cloud Computing and Artificial Intelligence. Industry 4.0 is the next revolution in technology. The study aims to discuss the Economies, especially India failing to adopt this technology, will remain behind and their technologies will not be updated to compete with other economies. In this perspective, this paper presents a literature review to throw light on the impact of Industry 4.0 on Employability and Skills that are required in India. A secondary data analysis is used to collect the data. It is being concluded after a discussion that Industry 4.0 will not cause unemployment, but will create more jobs for the human population, who possess the required skills in the world. And what policies the Government should adopt for those unemployed. The paper focuses on the impact Industry 4.0 has on the unemployment situation and will provide basis for future research so that India becomes a developed nation.