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NALCO CMD urges industry to ready itself for the 4th revolution, AI

The CMD was conferred the NIPM Ratna award for people management and strategic leadership

New Delhi: On a day when the CMD of National Aluminium Company Limited, Dr Tapan Kumar Chand, was conferred the prestigious ‘NIPM Ratna Award’ in the 37th NIPM’ Annual National Conference NATCON-2018 held at Pune, he made a pitch for the industry to prepare for what’s in the offing — Industry 4.0 and automation.

Dr Chand was given the award on October 1 in recognition to his significant contribution to People Management and Strategic Leadership and he dedicated it to HR professionals in the country and at NALCO.

In his acceptance speech, the CMD said, “We are now on the threshold of the fourth industrial revolution. The first industrial revolution marked the shift from muscle power to steam power while the second occurred with the application of electricity and mass production. With the third revolution, it gave further wings to human efforts with the implementation of IT and automation. Now with the emerging fourth industrial revolution, Artificial Intelligence, Internet of Things, robotics, augmented reality etc. would be the trendsetters.”

Dr Chand said that the new technology — Industry 4.0 — will bring in a substantial reduction in capital investments and Indian Industries needs to leverage it to remain globally competitive. “The need for the industry is to prepare for the fourth industrial revolution and Industry 4.0 Technology,” he said.

Dr Chand said that the new technology — Industry 4.0 — will bring in a substantial reduction in capital investments and Indian Industries needs to leverage it to remain globally competitive. “The need for the industry is to prepare for the fourth Industrial revolution and Industry 4.0 Technology,” he said.

“However, the challenges are far more daunting in a populous country like India with 1.3 billion populations and more so when the country is emerging as the youngest nation in the world with 64 percent of its population in the working age group. As the employment opportunity shrink in large and medium industry, focus of HR need to be on MSMEs and the new HR model should enable mother plant to remain globally competitive while promoting employment ecosystem through MSMEs and employability ecosystem to bridge the skill gap in the country,” added Dr Chand.

The National Institute of Personnel Management (NIPM), the highest body of HR professionals in the country organised a two-day National Conference, NATCON-2018 at Pune, wherein large number of professionals from across India and abroad participated.