New Delhi: Prime Minister Narendra Modi Thursday allayed fears of job loss due to technological development, saying artificial intelligence, blockchain and other technologies will change the nature of employment and provide more opportunities.
Speaking at the launch of the World Economic Forum (WEF) Centre for the Fourth Industrial Revolution, Modi said his government is open to policy changes to help reap benefits of the fourth industrial revolution.
He said 'Industry 4.0' and the expansion of artificial intelligence (AI) would lead to better healthcare and reduce costs.
It would also help farmers and benefit the agriculture sector, he said.
Modi said that as work progresses in the country, one of the targets is 'Solve for India, Solve for the World'.
"Some people are worried that the advancement of technology will have negative impact on jobs but the reality is otherwise. The Industry 4.0 will touch those aspects which still remain untouched so far. It will change the nature of job and create new opportunities," he said.
Recognising this aspect, Modi said the government has launched several initiatives like Start Up India, Stand Up India, Digital India and Atal Innovation Mission.
Noting that India is going to play a major role in the fourth industrial revolution, the Prime Minister said diversity, demographic potential, fast growing market and digital infrastructure have the potential to make India a global hub of research and innovation.
While the previous industrial revolutions eluded the country, India's contribution to the fourth industrial revolution would be astonishing, he said.
"India was not independent when the first and second industrial revolution happened. When third industrial revolution happened, India was struggling with challenges of just attained independence," he said.
Artificial intelligence, machine learning, Internet of Things, blockchain and big data hold potential to take India to new heights, the Prime Minister said.
Launching the centre, Modi said it opens the door to immense possibilities in the future. The centre at Mumbai is the fourth in the world after San Francisco, Tokyo and Beijing.
"Emerging fields, including artificial intelligence, machine learning, internet of things, blockchain, and big data can take India to new heights of development, and improve the quality of life of its citizens," he said, adding for India, this is not just an industrial transformation, but a social transformation.
Listing the achievements of his government, Modi said teledensity has increased to 93 per cent and nearly 50 crore Indians now have mobiles.
India is the largest mobile data consuming country in the world and also the one with the cheapest data rates, he said, adding mobile data consumption has increased 30 times in four years.