With industry 4.0 fast making its presence felt across sectors, innovation and adoption of latest technologies hold the key for India’s future growth, Piyush Goyal, Minister of Commerce and Industry, Government of India, has said.

“Unlike the old days, when the rise of industries used to be dictated by technological development, today, technology is deciding the fate of the industries. Newer technological paradigms like industry 4.0 - with artificial intelligence, data analytics, IoT, nanotechnology, 5G, robotics quantum computing are today determining how industries will evolve,” Goel said.

Stressing that “future power” will lie in leveraging these new-age technological developments for sustainable growth; he added that the government is making efforts to accelerate the pace of technological adoption across industries.

“As more and more technology(ies) come in, machines become smarter, industries start evolving and adopting these technologies, we will be in a better position to engage with the rest of the world on free and fair terms and gain the competitive edge, given the huge advantage that India has to offer to the rest of world,” he added.

Citing data, Goel said that the number of rural internet users has surpassed the urban internet usage and this development would be a “game-changer” in terms of promoting technology, engaging the whole country with innovation and in bridging the digital divide.

The minister was speaking at a roundtable organized by UNIDO India on “Making industry 4.0 work for self-reliant India”.