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Industry 5.0- The next Industrial Revolution

Technology has evolved as one powerful tool and enabler that has changed human perception, behavior and significantly their lives. World has witnessed series of inventions and innovations since 18th century which has transformed human lives and business. These transformations have been ornamentally termed as Industrial Revolutions. At present the world is reaping the benefits of Industry 4.0 (or fourth industrial revolution).

The Previous Industrial Revolutions (first to third)

 The first Industrial revolution started at the end of 18th century which primarily reduced our dependence on animal power and bio mass. Mechanization and steam power has replaced agriculture from center piece of economy and given the baton in the hands of manufacturing.  A century later second revolution occurred leading to significant breakthroughs in the form of electricity, oil& gas explorations, chemical synthesis primarily ammonia and the boss of all- communication. The third industrial revolution begins in the second half of 20th century and major inventions were electronics, telecommunications, and computational prowess. The interesting observation in these revolutions was that there was a gap of century or more among the first three revolutions. However, the fourth revolution termed as Industry 4.0 started in less than 50 years of time gap and interestingly world has begun working on Industry 5.0; shrinking time line to less than a decade.

Industry 4.0

The fourth industrial revolution is the initiation of ‘cyber –physical systems’ unfolding new capabilities for people and machines. The technology is embedding itself into societies, human bodies and connecting devices and machines together. Some example of technological advancements of industry 4.0 includes machine learning; 3D Printing, connected devices (internet of things), smart factories, and genome editing, cryptographic methods like block chain are drafting new approaches to governance.

Industry 4.0 have offered tremendous opportunities to the business world by offering them huge volume of data collected through connected machines as well provide them with useful insights and patterns by analyzing the same. This helps business to optimize their operations and prioritizing the areas of attention. It is expected that by 2025 a quarter of world GDP will come from digital technologies like AI or cloud computing. The innovations brought by Industry 4.0 will bring more access to digital environment with long term benefits to scale, efficiency and productivity.

So much to achieve and leverage from yet evolving technologies of Industry 4.0 but humans are hungry for more and better and in less than a decades time world is introduced to the concept of INDUSTRY 5.0.

Explaining Industry 5.0

Industry 4.0 is already using advance technology, high end digitization, interconnected device with an aim to generate increased productivity with greater safety, quality and reduced waste. Then, the question arises what is the difference between Industry 4.0 and 5.0. Here is the answer:

Industry 5.0 will take the personalization of products to next level. Industry 4.0 allows you to work with and train your manufacturers but with Industry 5.0 businesses can allow the customers to customize their products. For example you can create your car with thousands of different variables by choosing from various mini websites like its color, interior, shape and lots of inbuilt features and app. Voila, you got delivered a car having best of features and more specifically what you desired. Take another example in medical field Type I diabetes measuring devices uses technology one size fits all and medical professional try to adjust and  tweak the system of an individual by prescribing insulin doses. If we move to Industry 5.0 it provides individuals an app that follows their metabolism and produces a smaller, more discrete and robust device that’s custom made for the individual. So, for such patients it’s a life changing experience.

So Industry 5.0 focuses on the cooperation between human and machine. It is like Human cognition working in harmony with machine computing. Industry 5.0 brings human back to the center stage of production to work with collaborative robots leading to mass customization and delivering personalized products to every customer. The workplaces become bigger safer and allow freedom of design to work. The advanced stages of Industry 5.0 will allow the flow of real time seamless data between the field, the manufacturing process and the design. And the best part Human touch is back to the manufacturing.

It could be added further that the heroes of Industry 5.0 will be cobots and intelligent software applications. Collaborative robots are programmed to interact with humans in shared workforce. This use of artificial intelligence will facilitate employment rather than eliminating it. The collaborative dimension is the base of next revolution which is near and sure to come.

Is the world ready to welcome Industry 5.0?

A Ray of Hope amidst the COVID – 19 Crises

The world is witnessing and fighting its worst pandemic from past 3 months. Public is scared, policy makers are looking for desperate regulations and measures, basic service providers are doing extra time and doctors are exhausted completely. We have no other option but to lock down ourselves and the entire community.  Everything around us look pessimistic, gloomy and sans hope. But wait are we humans not the species who can find silver lining in the most dreadful situations? Yes we are and there are silver linings in the Corona Virus as well.

Back to Human basics

The virus has clearly shaken us however, ensures we must appreciate the luxuries we got, abundance of products, freedom and health which we were taking as granted. We all were lost in mundane busy-ness and have no time to appreciate the most basic things. This corona virus made us realized the relevance of actually important possessions of human life- the love of family, the stories of elderly, appreciating the moments shared with our partners, the role of community and most important a time to reevaluate and reinvent ourselves. We are also reaching to our basic habits of washing hands and feet when coming from outside, changing immediately the clothes once we are back home, greeting people with the famous Indian Namaste.

Healing the Nature

The whole world is witnessing the healing process- when humans are retreating nature is returning.  Institutions and entertainment places are shut, tourist spots are without people, fewer vehicles on roads – Sounds bizarre but the results are great. Pollution level across the world has come down in many metropolitan cities. The Air Quality index is below 150 in Delhi, water bodies are cleaning, dolphins are returning to the coast in Venice, swans can be seen in canals instead of Gondolas, otters are roaming freely in Singapore, Egyptian geese are on tarmac in Israel, penguins taking strolls in aquariums of Chicago, coral reef healing in Australia, deer and monkeys coming back to streets in Japan and Thailand. Nature is thriving when humans are quarantined. The indications are clear -mother earth is sending us the signal which we must understand that humans do not own earth, they co-exist here. Cohabitation is important and humans cannot put life of other living beings on earth at stake. The corona Virus made us thinks that we must preserve our natural habitats, do not overuse the resource and if we cannot do the same on our own then, nature have its own extreme means.

 Corona Virus must be thanked for making us undermine every material aspect of this world and giving us a chance to build the world from inception. It could be observed around us that we are connected not only physically but yogically as well. The time has come to view the world and our existence from a newer perspective and the survival is based on the perspective we will choose.

Associate Professor Economics and International Business, IILM University

Liberal Arts Education: Door to Creativity, Happiness and Bright Future

Liberal Arts Education has become a buzz word in India from past couple of years. More and more parents and students are inquisitive about it and also showing positive inclination towards the same. Liberal world holds its origin in a roman word ‘liberalis’ which means freedom, hence, simply freedom to pursue the choice of discipline can be called as liberal arts. The term liberal arts originated in Europe however it was American Universities which make the concept not only popular but also successful. In fact, the liberal education brought many American Universities in limelight and on top spot in world university rankings. The Indian higher education was focused on Job driven unidirectional studies where focus was on ‘what to learn’ than ‘how to learn’. However, thanks to the fast changing world dynamics and need of multi facet skills, this trend is changing and driving Indian Higher Education system to embrace liberal arts education with arms wide open.

Is liberal Education new to India?

Before answering the question lets understand Liberal Arts Education. In the words of John Henry Newman, “The purpose of a Liberal Arts education is to open the mind, correct it, to refine it, to enable it to know and to digest, master, rule, and use its knowledge, to give its power over its own faculties, application, flexibility, method, critical exactness, sagacity, resource, address, and eloquent expression”.

If we read the above expression in depth then we understand that Liberal arts education had wide presence in ancient Indian universities like Nalanda and Takshila. Students studying in these esteemed Universities were imparted simultaneously knowledge in the field of grammar, philosophy, ayurveda, surgery, politics, warfare, astronomy, commerce, music, dance, and much more. The students were taught right blend of skills and subjects which were important to contribute in civic life.

Despite having strong educational past; during colonial era India was forced to adopt fixed curriculum model set up by British Education System. Also the greedy aspirations for professional degrees liberal education took back seat from main stream academia.

The Changing Paradigm

There is a pressing need for people to learn and enhance their creativity along with analytical skills and be a path finder in rapidly changing environment. The fast paced technological transformations and disruptions and challenges of degrading physical and social environment put forth the demand for leaders and scholars with deep sense of imagination, analytics and creativity.

Liberal arts education broadens the minds and understands the scenarios from diverse perspectives rather than being a conservative. It lights up the intellectual curiosity which fosters knowledge creation in subjects ranging from arts and humanities, social sciences to the natural and applied sciences.  Liberal education inculcates problem solving and critical analysis skills which are much desirable in corporate world as well as in daily civic life. A sufficient emphasis on liberal arts education help us to tackle practical problems of this century and also provide our current and future generations a chance of freedom of knowledge and a way of living happy.

Who are making efforts?

Since 2015 Indian government decided to invest more in research universities, in social sciences and liberal education so that world ranking of Indian Universities can improve. Taking the initiative of the government forward private universities took charge to address the challenge and creating inter-disciplinary curriculum which are globally bench marked. However, very few have moved in this direction. IILM University situated in the heart of corporate Gurugram is centering interest in Liberal Arts education and aiming at inter-disciplinary education. IILM University has created the curriculum focusing on technology, psychology, business, design, communication skills, critical thinking and academic writing. The best part is, these courses are well aligned to the demand of the market. The extensive major and minor combinations open multiple career options. In all, liberal education not only shape career of the students but also creates informed and happy citizens.

Formal Degree and Entrepreneurship: Are they complimentary to each other?

Bill Gates(Microsoft), Larry Page (Google), Kunal Shah(Freecharge.in), Gautam Adani (Adani Group) can be considered as an informal list of some billionaire CEOs that dropped out of the high school or University and turn them into self-made billionaires.

The questions here are whether to be an entrepreneur you need to attend an Under Graduate degree program? I can’t fit into regular corporate job so what after degree? I need to enter the family business than why to study? Ask around and we will be confused with the conflicting answers. But a deep thought and few logical arguments can help one to reach a decision necessary and fruitful for the career.

Many young minds with fascinating ideas think that a formal training is optional than a necessity or compulsion, a view point that can be costly for both short term profit and long term growth. May be the young entrepreneur consider a degree course to be an expense rather than an investment.  Entrepreneurs do tend to have maverick behavior and their entrepreneurial instinct provoke them to do something different than attending a well-structured degree program in class rooms.

Looking toward Indian scenario, major business houses in India are family businesses and the owners are fairly old, that means many graduated high school long back where instincts are more important than degree. However, if we assess randomly in today’s business arena, it would be interesting to note that entrepreneurs on a whole, tend to have more qualification than others.

Consequently, the idea for the need of formal training in entrepreneurship can be reinforced. Sachin and Binny Bansal (Flipkart), Maanav Garg (Eka Software), Ameera Shah (Metropolis Health care) are some of the well qualified first generation entrepreneurs. Their successes reinforce one’s belief in formal training and its contribution to the entrepreneurial success. Training should be viewed and utilized as capital investment. These formal degree programs may not be result oriented in the beginning but they establish a learning dynamics in would be entrepreneurs’ cognitive system. Along with core business learning, these formal training programs inculcate the learning culture in the candidate. This culture could be further percolated in all the departments of the candidate’s future organization. The learning process shouldn’t be targeted with budget and time related factors. One needs to sit down and assess the class room learning after every trimester or semester to identify the expectations from the course and brainstorm to make the learning outcomes effective and efficient.

It is not always relevant to focus on a handful of mega billionaires success stories and arrive at the conclusion that post-secondary education has no role to play in entrepreneurial success. Education for dome may not be necessary but statistics clearly reveal that there are many more examples of success with education than without it. A college degree is a time which provides an opportunity to grow up and expand the horizon beyond high school and home environment. The vibrant, intellectual and technology driven environment develops a vision required in today’s innovation business growth. Unless you are high school genius or have blessed talent in specific field, without a formal degree you are putting all your cards of success on luck. Hence, it is advisable to understand the role of education than to be fooled by exceptional examples.

The formal UG degree not only imparts subject knowledge and technical skills but it gives a shape to one’s character and enhance the decision making power. It enlightens and logically develops the intuitive capabilities and gives an opportunity to hone the leadership skills.

The class room teaching also explains how to balance work and personal time, meet deadlines and follow through commitments. All these skills are passive but valuable to entrepreneurs. The degree gives not only sense of confidence but also offer a certain sense of credibility when you are about to make deals with the perspective clients, investors and bakers. Without formal education one may be excelling in terms of money measures but what is lacked is the association and network formed during the college days. In future these liaisons and networks could be developed into business ventures. The success mantra for business ventures in today’s world is what you know and who you know.

The new aged leadership institutions impart entrepreneurship training not only based on complex statistical analysis and algorithmic solutions but provide hands on training through case studies, webinars, seminars and business simulations. These state of art institutions have a well-designed overall education in liberal arts which is a super requirement for the entrepreneurs to succeed in this technologically advanced and sensitive 21st century. The courses designed by these new age institutions go to the extent to bring industry into the class rooms. Along with this such institutions arrange several conferences on their campus where young entrepreneurship can meet industry icons, future financers and angel investors.

The world’s top class Universities offering courses at under graduate level offer loan to the students to start their business, thus giving wings to the viable ideas. For example, according to Forbes magazine Babson College, MA, number one ranked college for under graduate entrepreneurship courses offer $3000 to its enterprising students. By the end of the term students are expected to return the loan and also donate any profit they make to charity. Wolff Center for Entrepreneurship University of Houston have started 66 companies and collectively raised more than $7 million as funding. Indian Universities and colleges started understanding their roles in enterprise building are offering exclusive courses on entrepreneurship at under graduate level. They offer Under Graduate degree in Entrepreneurship in collaboration with various established and renowned foreign universities. These colleges not only teach Entrepreneurship but actively engage in creating start-ups by developing incubation cells, offering mentorship and if required provide financial support as well. In the fast changing business games and super competitive environment the formal training imparted by the universities can provide a cutting edge for new era success.

But not to forget, along with a college degree to succeed as an entrepreneur, drive, determination and true passion are the key ingredients. To be cautious, never enter the University for wrong reasons or under any kind of pressure and never present half-baked ideas.

 

The Report on Digital India Week Celebrations at IILM Gurgaon Campus

Participation in Digital India

Participation in Digital India

student participation in Digital India Week

student participation in Digital India Week

 

IILM Gurgaon has celebrated Digital India Week on 10th July 2015. The event was organized by Dr. Vidhisha Vyas, Prof. Shweta Sharma and Dr. Kiran Sakkar Sudha.

Various competitions were held on the day which includes Oratory Competition, Slogan Writing competition and Photography competitions on the themes revolving around digital India. A video on National E- Governance Plan was also played which was highly appreciated by the audience.

 

The competition was opened by Dr. Vidhisha Vyas in presence of faculty members. Students participated actively and enthusiastically in all the events. The popular theme of the oratory were ‘Learning vs class room learning’ and’ Is net neutrality a key to Digital India campaign?’ Popular theme for slogan writing and photography was digital India.

 

The event was judged by Prof. Deepika Hooda, Dr. Nikhil Varghese and Prof. Inderjeet Kaur. The results were announced by Dr. Nikhil Varghese. Mr. Rohit won the first prize and Mr. Himanshu won the second prize for the oratory competition.

 

Dr. Kiran Sakkar Sudha closed the event with her thought provoking and encouraging words. Prof. Shweta Sharma has professionally managed the social media part of the event.

Broom for Booming Economy

“Cleanliness and Order are not matters of instinct, they are matters of education, and like most great things, you must cultivate a taste for them.” Benjamin Disraeli

The above words said by former British Prime Minister are more relevant in today’s context. The quote rightly explains the importance and inter-linkages of education, cleanliness and proper societal order. If growth and development is the goal the above statement is the path. This path is well understood by our current Prime Minister Shri Narendra Modi and he took it as a mission initiated as ‘Swachh Bharat Abhiyaan’.

The Swachh Bharat Mission is one of the most promising public health initiatives launched by the Modi Government.  The flagship programme has adopted the ‘round spectacle frame’ of the Father of the Nation as the logo for the mission and targets towards creating a “Clean India” by the year 2019. If efficaciously implemented via huge public- private partnership, the Swachh Bharat Mission holds prodigious potential for providing robust economic growth. It is indeed commendable to note that Mr. Modi has dared to dream big and had the prophecy to accomplish extraordinary economic growth and prosperity for a huge country like India by usage of something as simple and unpretentious as a ‘broom’. This five year mission is anticipated to usher in a sea change in behavior of people in India and also change the world’s perception of India.  It is indeed commendable to comprehend how the broom can essentially be instrumental in bringing about transformational change in our nation’s economy along with social change. In my opinion the mission is poised to have far- fetched implications in more ways than one.

  • Tourism:

India can be considered a heritage country.  I believe that neatness and safety play a crucial role in drawing tourists in any country. Challenged with the concerns of hygiene and sanitation in the country, particularly at momentous tourist destinations, this mission is of weighty importance for Indian Tourism Industry. According to the report of Water and Sanitation Programme (WPS), ‘Economic Impacts of Inadequate Sanitation in India’, tourism-related economic losses from inadequate sanitation are estimated to be Rs. 12 billion ($266 million). Of these losses, 45 percent (Rs. 5.5 billion, $121 million) are from loss of tourism earnings. Cognizance about a destination is the distinct reason for tourists to cherry-pick a destination. The mission purposes to rebrand ‘Incredible India’ by introducing the concept of ‘Swachh  Bharat , Swachh Samarak.’. Tourists all-inclusive perceive India as a very murky and filthy country where children and adults openly defecate. Swachh Bharat mission will have extended impact on tourism in India. The deleterious perception of the tourists about India will gradually dissuade. We can increase the foot- prints of tourists coming to India in times to come and tourists will definitely carry with them an image of clean India, safe India. This programme is indeed sustenance for the tourism sector in our India and a way to showcase India’s vast, rich and cultural heritage.

  • Innovation and Eco-Entrepreneurship:

Our country is home to a population of over 1.27 billion people and it is expected to be the most populated country in the world by 2025, beating China in the fray. The rapid growth in population and fast track development all over the country is inevitable. However, most of our cities and towns are unable to bear the burden of this huge population and to provide basic amenities such as hygienic surroundings and clean drinking water.  It is essential to effectively manage green waste and recycling of water for drinking purposes has become an absolute necessity for managing the requirements of a large population.  Thus, in the backdrop of insufficiency of natural resources, escalating costs of power, climatic change, and deterioration of our environment we need to find out innovative ways to manage our waste better. This ‘abhiyaan’ of Modi government can play a booster to eco-entrepreneurship. This will prove to be a win-win business opportunity for Eco entrepreneurs and enable us to even outsource our technology to various developing and poor nations of the world which are plagued by epidemics due to water and land pollution. The frugal innovations in the field of cleanliness can contribute immensely in reducing environmental pressure and India will be the pioneer for the same.

  • Waste management

We usually notice garbage and domestic waste that pile up on our streets are often left untreated, and these decay on site and eventually pollute the land and water underneath. The glitches triggered by solid and liquid wastes can be significantly lessened through eco-friendly technologies that will allow appropriate treatment and dispensation of wastes .The benefits of effective treatment of garbage are enormous. Conversion of waste to energy produces clean, reliable energy, thereby shrinking the usage of scare and fast depleting natural resources such as coal and petrol. These energy resources are not only economically beneficial but also help us in reducing and recycling garbage for daily use. This will also reduce the extent of our dependency on oil producing countries, thereby hugely contributing towards cost reduction. I strongly vouch for the development of precise cost effective green technology to recycle and manage every type of waste and it would lead to profitable and sustainable business in the field of waste management.

  • Gainful and meaningful employment for rag pickers:

 

Rag pickers are a fundamental part of waste management systems across our country. Their work involves serious health hazards and they work in very inhuman conditions. It is very taxing and fetches them a measly income and no recognition at all. A significant proportion of rag pickers in our country are women and children, who are exceedingly poor, unskilled, uneducated and are not employable elsewhere.  This manpower can be efficiently and effectively utilized for waste management projects and cleanliness drives in the country. This will not only protect their self -interests but also give them recognition in the formal system. Employment for the poorest of the poor through effective training Programmes can help them to lead a decent living.

  • Powering the Beti Bachao Campaign:

Mission Swachh Bharat aims to construct separate toilets for boys and girls in schools and villages. This is indeed a right step in the right direction. Most girls drop out of school in villages because of lack of toilets for them in schools. This noble initiative will reduce the number of female dropouts in schools and increase female literacy to a great extent. Further, this initiative will protect and safeguard women against sexual crimes as steps towards cleanliness and toilet building will restrict the women to defecate in open. Thus, the ‘beti bachao, beti padhao’ campaign can be directly associated with Swachh Bharat mission. Safe, healthy and educated women can contribute immensely to a nation’s social and economic well-being.

  • Disease Control:

The swachhata mission will aid in reducing land and water pollution to a substantial level. The presence of cleaner areas will reduce the outbreak of diseases like diarrhea, cholera, malaria and dengue, which claim valuable lives each year in our country. For children in particular, the access to toilets and clean environment will lessen the number of diarrheal deaths and anemia due to intestinal parasitism. Thus I see a ray of hope that Indian children will be far healthier and stronger if this program is a success. Healthy children make a nation strong and prosperous. The success of the mission also reduces the burden on fiscal budget as we need to allocate lesser amount to social health care sector and disease control expenditures.

 

  • G.D.P. :

The Swachh Bharat mission can have a visible impact on India’s G.D.P. If the target of Swachh Bharat can be achieved then the government expenditure on health care can decline sharply which in turn can help government to maintain high G.D.P.  Currently as estimated by World Bank illness from lack of hygiene cuts India’s G.D.P. by 6.4 percent (%) and 6.6 percent (%) of G.D.P. contribution is attributed to tourism. Cleanliness causing a hindrance to the tourism industry de facto if a tourist spot is in a filthy condition then the basic hygiene of the place will be affected attracting lesser and lesser tourists day by day. If the defect is removed, it will boost up the G.D.P. rate. Therefore, Swachh Bharat Mission, a vision of Prime Minister Mr. Narendra Modi directly targets India’s growth.

  • Urban Governance:

The honorable Prime Minister Mr. Modi also pitched the idea of urban governance by linking it to ‘Digital India mission’ and ‘Swachh Bharat mission’. The cleanliness drive should emphasize on solid waste management and water waste management through public-private partnership. This can spur the growth of organic farming and can initiate the demand of organic fertilizers. Waste management and demand for organic fertilizer can become a cyclic process thus reducing the environmental pressure. The linkage of ‘Swachh Bharat’ mission and urban governance can trigger the demand from the grassroots for total sanitation of the cities.

Thus, it could be concluded from the above points that “Ek Kadam Swachata Ki Aur” mission can lead to the   fulfillment of the ultimate mission of the nation that is fast track growth with inclusive development. Being the responsible citizens of this nation each one has to do his own bit to achieve this national mission.