New Delhi: Prime Minister Narendra Modi alleviated fears of job loss due to technological development in India, saying that the ‘fourth Industrial Revolution' will change the nature of jobs and provide more opportunities.

Speaking at the launch of the Centre for the Fourth Industrial Revolution, PM Modi said that his government is open to policy changes to help reap benefits of the fourth Industrial Revolution.

Here is a brief summary of what the Prime Minister said during his address:

• The components of “Industry 4.0” actually have the ability to transform the present and future of human life.

• India’s diversity, demographic potential, fast-growing market size, and digital infrastructure has the potential to make the nation a global hub for research and implementation.

• While the previous industrial revolutions eluded the country, India's contribution to the fourth Industrial Revolution would be astonishing.

• India was not independent when the first and second Industrial Revolution happened. When the third industrial revolution happened, India was struggling with challenges of just attained independence.

• Artificial intelligence, machine learning, Internet of Things, blockchain and big data hold the potential to take India to new heights and improve the quality of life of its citizens.

• India has the highest mobile data consumption in the world and is also the country where data is available at the lowest price.

• Government initiatives including Skill India Mission, Start Up India, and Atal Innovation Mission are preparing the youth for new and emerging technologies.

PM Modi said that Industry 4.0, and the expansion of Artificial Intelligence would lead to better healthcare, and would also help farmers in the agricultural sector.