How history of India connected with Industrial Revolution.Write in 5 points
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Answer:
Manufacturing is fundamental to a country’s economic success. Industrialization has driven the growth of many developed economies, boosting innovation and creating jobs. Workers migrating from farms to factories fuelled the economic miracles of Taiwan, Korea, China, Thailand and Singapore, reducing poverty and raising living standards. According to a research report by the World Economic Forum, over 70% of the income variations between 128 nations can be attributed to differentiated manufactured product export data alone. However, despite its past success, the traditional industrial model that propelled many economies into prosperity is now being challenged.
The Fourth Industrial Revolution, which fuses physical, digital and biological spheres, is transforming global production systems. Advanced technologies, such as the internet of things, artificial intelligence, blockchain, robotics and additive manufacturing, are changing the future of manufacturing. This future depends heavily on our individual and collective capacities to use the rapidly emerging technologies. Currently the odds are stacked in favour of developed nations, which have greater access to the requisite capital and skills to swiftly respond to the exponential speed of change. However, emerging nations have a unique opportunity to leap-frog to the next levels of development by identifying their comparable advantage across sectors and value chains and preparing for the future. This means investing in the right skills, innovation frameworks, institutional partnerships and policy frameworks.Indian farmers were forced to produce cotton plantation so that it can fuel English factories as India was then under British rule. 4. Industrial Revolution brought severe consequences to society. Farmers were forced to grow cash crops in place of food crops, which resulted in awfully deadly famines in India.The Industrial Revolution impacted the environment. The world saw a major increase in population, which, along with an increase in living standards, led to the depletion of natural resources. The use of chemicals and fuel in factories resulted in increased air and water pollution and an increased use of fossil fuelsInformation technology has had a profound influence on the countries economy.
(i) The information technology (IT) revolution opened up new possibilities of economic and social transformation.
(ii) The IT and IT-enabled business process out sourcing service continue to be on a robust growth path.