AUG 18 . 5 min read

IMF has called India the fastest growing and emerging economy in 2020 ( LINK )

Albeit China and India are the only emerging economies despite the pandemic, India can still do better. We already know India’s 70% of the population is below 35 and it’s the largest in the world, and out of these 42.6% percent are either unemployed or yet living in poverty. That’s it for the facts. What we can do with that?

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If the major enterprises and government focus on leapfrogging the technology for rural and urban India, it could be a game-changer.

Leapfrogging is using advanced technologies such as the internet and telecommunications to make the process of learning, development, and financial advancements take a big jump skipping the intermediate processes. This is essentially skipping the undergoing R&D hit and trial, crash and burn and speeding up the process.

What’s the deal IT and Tech? 

IT for India right now is analogous to what automotive was to Japan after WWII. This is for several reasons:

For one, IT in simple terms is maximizing the efficient scarce resources, which India was coerced for and now it’s an advantage to India.

Secondly, IT is a GPT -General Purpose technology- it is characterized by pervasiveness, technological dynamism, and innovative complementariness. GPTs have the influence to change and affect the economies and societies. Some examples are Electricity, Steam Engine, and Wheel(4000BC), while the newer ones include IT, Internet, Computer and Artificial Intelligence, etc.

Thirdly, the Workforce of India consists of possession of skills such as coding and testing which is relatively abundant than to other countries, which can power charge IT sector if the right ingredients for the chemical reaction are added. Just for a fact the IT-BPO sector is 5% of the GDP and is growing.

 

Evolution of Industry

Let’s go back in time

1^st Industrial Revolution or the Industrial Revolution

In the first half of the 18th century with the onset of the Industrial Revolution by the industries with Invention of Machines, Steam Power, Textiles, and Iron Making. This in turn got the huge upheaval in share to Global Economy by Britons.

2^nd Industrial Revolution or Technical revolution

It was just before World War I beginning of 19th century Involved – Steel, more efficient manufacturing, magnetism (ac-dc motors), railroad, telegraph, and electricity

3^rd Industrial Revolution or the Digital Revolution

Computers, Cell Phones, LCDs and the Internet

4^th Industrial Revolution (Industrie 4.0) or I4
Well well….it’s next-generation Cyberpunk 2077 thing, it’s characterized by –
robotics, artificial intelligence, nanotechnology, quantum computing, biotechnology, the internet of things, the industrial internet of things (IoT), Internet of People(IoP), decentralized consensus, fifth-generation wireless technologies, 3D printing, and fully autonomous vehicles.

For the Industrie 4.0, we are looking at 4 pillars to develop and innovate:

• Interconnection – for example, IoT, IoP
• Information transparency- for example blockchain
• Technical assistance- example: robotics, AI and machine learning
• Decentralized decisions- for example, blockchain and AI

While all of the technologies are somewhat interrelated and eat off on one and another. AI and Blockchain are still very new ‘babies’ and have a long way to grow. This is why Venture capitalists are investing so much in these techs. The number of VC investments in the blockchain is still 0.2%. Blockchain, AI, and IoT are revolutionizing the business, automotive, space, finance, and health, etc. This tech showcases unprecedented opportunities for public as well as enterprise sectors.

The developed countries are first to step in, the higher the risk they take, and the higher the reward they devour. This is why developing countries are left out in the race. These technologies are very powerful on their own but in the symphony are meant to conquer. With the IT side so bright, India could see exponential growth from the current growth rates. But unfortunately, our governments are providing limited space for development and an almost ‘unfriendly’ environment for entrepreneurs and investors.

Considering Blockchain and the crypto-sphere

Stringent government restrictions on international money flow make it significantly difficult for Indians to transact with many of the large foreign crypto exchange platforms.

The countries to step up, and are crypto-friendly in the race are The USA, Canada, Japan, Singapore, Switzerland, Iran, Germany, Italy, Poland, Venezuela, Brazil, Mexico, South Africa, Australia. The legality status of crypto-sphere in different countries

India and China are following a similar strategy to diminish the 3^rd party enterprises and enforce it’s own platforms and FinTech companies’ to gain tax holds of the citizens.

This is highly controversial strategy as the cryptocurrencies no matter how regulated will be used, so why not regulate it in a friendly way and make the most of it to offer?

Let’s see why should we believe the “scammy” virtual cryptocurrencies after all.

How is the paper money(fiat) competing with cryptocurrency anyway?

For those of you who know me, you knew this was coming. But I’m not here shilling for Bitcoin or any other cryptocurrency. or

The first generation of Money– Commodity

Money itself started 3000years ago as the barter system or the commodity itself. One man would trade a stone ax for say help with killing a mammal. Such arrangements took a lot of time

Second Generation of Money – Currency

The paper money was started out as a test by china and it was a credit-based economy that valued the paper printed.

CONS: It works on supply and demand and the negative side of this is the currency wars and counterfeiting. The currency wars worked by competitive countries such as the USA and China, a country would drive the competitive country’s currency price up to and making the good expensive to purchase or driving it down to make the enemy’s hands feeble and helpless in terms of buying power.  This is the problem that arises when the fiat isn’t backed by the commodity.

Third Generation of money – Digital Money Credit/Debit Cards and Digital Wallets

We’ve all used credit cards and digital wallets such as Google pay or amazon pay. These are fast and efficient and hassle-free. It’s also helpful in minimizing money laundering, counterfeiting. But privacy is sacrificed. It’s centralized and it’s up to the central authority to maintain the law and order. It’s changeable and it’s up to the central authority what prices they charge or will they even recognize you if it’s your account. So, it can be vitiated.

“Centralized networks keep a lot of confidential information about users. This data may get lost, hacked, or be transferred to law enforcement agencies at court request.” –Andrew Tar, Cointelegraph

Fourth Generation of Money – Blockchain-based Cryptocurrency

It solves the problem of centralized control and it is not prone to manipulations.

It’s fast and secure. It’s anonymous so banks won’t know what you are doing with your finances. All of the cryptocurrencies aren’t fully anonymous. Though the addresses don’t contain any confidential information such as name, residential address, etc., each transaction is registered, the senders and the receivers are publicly known. Thus, all the transactions are tracked.

Although a downside is if you send money by mistake, it cannot be reversed. It’s still developing on its speed and the complexity of use for a naïve user.

With tech like cryptocurrency, it is still a journey to wide acceptance but it has nevertheless proved a lot of merits already. The awareness of the wide audience would give it a ‘better name’ in the picture as a whole as the financial institutions discredit its functionalities.

We’ve already started with using I4 applications such as

• Optimize logistics and supply chains
• Autonomous equipment and vehicles
• Robots
• Additive manufacturing (3D printing)
• Internet of Things (IoT) And the Internet of People(IoP)
• Cyber-physical Systems (CPS)
• Augmented reality (AM/VR)
• THE CLOUD
• Unsupervised designs and efficacy- Machine Learning And AI

When robotics, 3D printing, data analytics, the Internet of Things, and digital fabrication are joined together, they integrate the physical and virtual worlds.

Economic growth had been slowing for the past 50 years, but we can seek relief from Industry Revolution 4.0. With I4 we can see a massive explosion in manufacturing, entertainment, finance, home automation, automotive, space, internet, and many more industries with a macroeconomy boost and growth in the economy, productivity, and growth.

Eventually, Industry 4.0 is set to flourish over the world. Yet, just by comprehension and bridling the innovations driving Industry 4.0, will makers remain on the bleeding edge of this new computerized time. With Tech like Blockchain, AI & Machine Learning, and IoT the world is on the path to reaching all-time highs in achievements and questions the limits of what’s possible. If the governments, enterprises, and the citizens understand the importance of this and work towards a collective advancement, this could be the like living in the era of what we saw in the sci-fi movies and games.

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