Discuss the possible challenges of disruptive technologies under Industry 4.0 over jobs in services and manufactruring sectors. What should be government approach to tackle these challenges?
Industry 4.0 is the term used to indicate the Fourth Industrial Revolution. The revolution is based on the adoption of automation technology for manufacturing and industrial practices, by implementing modern smart technology.
Challenges faced: The challenges faced by the Industrial movement are from the economical political and social aspects.
Economic challenges: The initial cost of implementing the target of Industry 4.0 is very high and due to excessive investment the actual economic benefit is missing.
Political challenges: Absence of standard declaration and regulation and illegible legal issues and data security.
Social problems: The workers associated with agriculture, manufacturing, construction, mining sector are facing an increased unemployment rate caused by automation.
Institutional problems: Lack of skilled employees, management failure, less integrity of production processes.
Governmental approach: To tackle the challenges of Industry 4.0, the Government needs to focus on some of the key areas.
- Pre-analysis of future possibilities, opportunities, risk factors, and their implications.
- Ensuring adequate infrastructure to sustain the technological advancement considering the threat to cybersecurity.
- Understanding the correlation between individuals and companies.
- Strengthening the stability by managing the market.
- Using indigenous technology to take possession.
- Restructuring of the tax regime and reducing the relaxation of regulations can attract investment.
Expelling all impediments, the aim of Industry 4.0 to drive the manufacturing sector faster, efficiently, and setting up a customer-centric environment could easily be achieved.
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