Ravi Venkatesan, Chairman at Bank of Baroda, is also founder Chairman of Social Venture Partners India. Ravi spoke about the onset of fourth industrial revolution in India at the Global Technology Summit.
" This revolution is the convergence of biological, information and material innovations," he said adding that it could impact jobs in the near term. However, in the long run it could help create more jobs, he added.
Ravi, who was also Chairman at Microsoft India between 2004-2011, said that the loss of jobs will be more widespread. "The highest paid jobs are goinig to be in places where the highest amount of innovation takes place," he added.
Ravi said that if countries like India does not embrace innovation, we could end up becoming dependant on certain companies this time.
Ravi said as a country, India needs to increase awareness amongst leaders, policy makers and CEOs to help us leapfrog to become a developed nation during this period of innovation.
According to Ravi, Amendments in terms of immigration policies, bigger investments from companies in R&D can help draw lucrative talent into the country.
Ravi also added that today the notion about jobs and employment has changed over the years and today people focus more on becoming self-employed.