A Novel Approach: Bioeconomy & Industry 5.0 Enhanced version

Abstract

The paper discusses the inevitability of Industry 4.0, with two versions of Industry 5.0 - human-robot collaboration and bioeconomy recognizing that instead of considering these advances as threats, the technological enablement should be viewed as an opportunity. The third dimension of inclusive and human centric growth, brought in by Society 5.0 is also put into light. The main thrust of this paper is underscoring the need and imperative nature, of striking a balance between technological advances, human factors and inclusiveness and ecological balance. This balance, termed as “Mahat”, is embodied in the proposed “Enhanced version of Industry 5.0”. While this version is global in nature, the paper also illustrates how critical it is especially for India vis-a-vis agrarian nature and young age of India with demographic dividend. Bioeconomy is bound to complement multitude of technological advances as well as inclusive growth. Theoretical and practical view on the concept of bioeconomy is elucidated. Having identified the limitations, the paper proposes how bioeconomy will play a pivotal role in the global and especially Indian context and presents many policy level suggestions to account for bioeconomy gaining prominence in balancing the proverbial 3 Ps viz. People, Planet and Profits, in a sustainable manner.