New Delhi: The government could offer incentives in the form of tax breaks or subsidies to prompt India Inc to adopt a new standard that aims to drive use of new technology and digitisation, a senior official said. “A major initiative is being mulled to push the industry to adopt ‘Industry 4.0’,” the official said.Industry 4.0, or the fourth industrial revolution , will have as its mainstay increased digitisation and interconnection of products, value chains and business models. It has been devised by the Niti Aayog.Fiscal support such as subsidies or tax breaks for a fixed period could be considered for industries adopting the standard, the official said. “Industry 4.0 will touch those aspects which still remain untouched so far,” he had said while speaking at the launch of the World Economic Forum (WEF) Centre for the Fourth Industrial Revolution. “It will change the nature of the job and create new opportunities.”BJP’s election manifesto had also promised to chalk out a new industrial policy with an eye on Industry 4.0 with technologies such as artificial intelligence and electric mobility.

Source: Economic Times June 10, 2019 01:30 UTC