Industry 5.0 Focuses On Sustainable & Resilient Skilling

Industry 5.0 is a quantitative and qualitative assessment of the nature of job transformations and it requires improving the critical understanding of new job creation including reducing the skills gaps, coping with possible unemployment effects and fostering industrial competitiveness while enhancing inclusiveness. 

Dr Urvashi Makkar, Director, IMS Ghaziabad emphasised on creating an ecosystem, especially where the demand for different skills is changing so rapidly. She said, “Teaching in B-schools also matters in how we are creating learning agility in students and making it flexible among students and having the inbuilt capability to learn, relearn and unlearn according to the market.”

When you talk about skills in this current scenario, the dynamic approach between technology, corporate and humans has become very complex. The focus of B-schools should be on skills not on placements, it should be treated as byproducts, she added.

Makkar also appreciated new education policy by saying that it is based on outcome rather degree.

She was speaking at Future Of Management Education Conclave 2023, hosted by BW Businessworld on Thursday in New Delhi. 

On the other hand, Vishwa Mohan Bansal, Chairman, NDIM, said that till the industry will not in the future, it is hard to believe that things will change in a big way. 

Citing a report of World Economic Forum, Dr M Vishwanathaiah, Director, IFIM College, said, “Nowadays, four skill are very important including problem solving skill, skill of self managing, working in groups and use of technology and development – to achieve India’s industrial training and skilling for Industry 5.0.

Prof Ruppal Sharma, Chairperson, PGPGM, Head - Delhi Centre, SPJIMR, compares Industry 5.0 with Industry 4.0 and said, "The latter was mainly focused on digitisation, automation, IoT and blockchain, but, this time, we are looking at Industry 5.0 which is derived from social and environmental impacts."

Sustainability, resilience and human centricity – are also an important elements of industry 5.0, Sharma added.