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08 Nov 2021
GS Paper 1
Indian Society
Q. Globalization 4.0 – What does it mean? What would be its possible negative impact on Indian society? (250 words)
Approach
- What do you mean by globalization 4.0
- Then explain social, political, and economic impact of globalization 4.0 on Indian society
- Conclude the answer with a way forward.
Globalization is a phenomenon driven by technology and the movement of ideas, people, and goods. Globalization 4.0 is the latest stage of globalization which involves cutting-edge new technologies like artificial intelligence that powers forward with the explosion of information technology. These technologies shrink distances, open up borders and minds and bring people all across the globe closer together.
Possible negative impacts of globalization 4.0 on Indian society
- Economic opportunities will be uncertain, many may not have the skills needed for the jobs of the future. If countries and communities are not fully prepared for Globalization 4.0, problems may exacerbate.
- Negative effects of globalization have a disproportionate impact on already marginalized populations. Globalization 4.0 may increase income inequality even if it can create more wealth.
- Globalization 4.0 in conjunction with Industry 4.0 will produce many unintended consequences which may not be foreseeable for now and for which India is vastly unprepared. The ethical, legal, environmental concerns are yet to be seen for which no framework has been laid out.
- The unprecedented pace of technological change means that our systems of health, transportation, communication, production, distribution, and energy will be completely transformed. But these changes will generate cataclysmic
- disruption in different sectors which may lead to job losses, economic inequality etc.
Way forward
- India should proactively build resilient local and regional systems that can participate in the next wave of globalization, making sure regions have the right mix of education, employment, and infrastructure to create and sustain jobs locally.
- India should prepare targeted strategies to improve outcomes for everyone ensuring vulnerable populations are not left out.
- To proactively realise the benefits of the fourth industrial revolution, a large number of employees will need reskilling and upskilling.
- Reskilling should be complemented by strategic rethinking on how work is regulated and which areas of job creation could enhance societal benefits.
