Why is it in the News?

Recently, Telangana has signed an agreement with the World Economic Forum (WEF) to establish the Centre for Fourth Industrial Revolution (C4IR) in the state capital, Hyderabad.

About the Centre for Fourth Industrial Revolution (C4IR):

• C4IR is a global initiative of the World Economic Forum (WEF) to collaborate with governments, businesses, academia, and civil society to address the challenges and opportunities posed by the Fourth Industrial Revolution (4IR).
• The focus of this collaboration is to use technology for advancements in the life sciences and healthcare sector, particularly aiming to meet healthcare targets for the state’s population.
• Telangana aims to become a hub for health technology and a global centre for healthcare services.

About Fourth Industrial Revolution (4IR):

• Klaus Schwab, the executive chairperson of the World Economic Forum (WEF), coined the term 4IR in 2016.
• This term refers to advancements in artificial intelligence, machine learning, 5G technology, the Internet of Things, robotics, biotechnology, quantum computing, and more.
• These technologies offer new possibilities for organizations, allowing them to dream big and expand into areas that were previously unimaginable.

The World Economic Forum

• The World Economic Forum is the International Organization for Public-Private Cooperation.
• The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
• It was established in 1971 by German engineer and economist Klaus Schwab.
• It is a not-for-profit foundation and is headquartered in Geneva, Switzerland.
• The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.