Industry 4.0 or 4th Industrial Revolution (4IR) is one of the most discussed issues recently in Bangladesh. Seminars, conferences and round table discussions are being organized by different stakeholders on 4IR and its problems and prospects. Scholars are trying to make stakeholders aware of the 4IR concept and inspiring entrepreneurs to adopt newer technologies to get advantages out of it.

Industrial Revolution:The term revolution means radical change of existing order in favour of a newer one. Industrial revolution refers to the radical improvement of manufacturing and other technologies that have completely changed the previous scenario and established a newer version with a positive shift of Industrial Revolution industrialization.

History of Industrial Revolution:Before the 18th-century world economy was mainly dependent on agriculture. Agricultural production was the prime mover of world GDP. Till then people used to make products in their homes by using handmade tools.

Industry 1.0: 1st Industrial Revolution took place in Europe and North America in the 18th çentury with the invention of a steam engine. 1st industrial sector i.e. textiles and iron industry began a journey in Europe. Starting in 1784 Industry 1.0 lasted till the ending of the 19th century.

Industry 2.0: 2nd Industrial Revolution was driven by the invention of new sources of power like electricity, oil and gas in the 1870s. Textile industry progressed into synthetic age, fertilizers were invented to increase agricultural production, oil and gas mining sectors were added with iron and coal mining, communication technologies like telegraph, telephone were invested during this period. A remarkable invention of Industry 2.0 was the invention of the assembly line by Ford Motors. Large scale production concept and concept of mass factory were invented by Industry 2.0 and lasted till the middle of the 1960s. The main players of the Industry 2.0 were the European countries, like the telephone was invented during this UK, France, Italy and Germany.

Industry 3.0: 3rd Industrial Revolution began in 1969 with the invention of newer sources of energy like nuclear power, innovation of computer technology and massive and electrical sector started its miracle from the beginning of communication technology, Invention of internet, email communication, massive progress of medical technologies etc. took place during Industry 3.0. Newer economies kike Japan, China, Brazil world economy during this period.

Industry 4.0: 4th Industrial Revolution is a much-discussed topic nowadays. Industry 4.0 is characterized by emerging technologies like robotics, Al (Artificial Intelligence), nanotechnology, quantum computing, biotechnology, Internet of Things (loT), 5G, additive manufacturing/3D printing and fully autonomous vehicles. From construction into healthcare, from production into post-consumption behaviour of the consumers, everywhere a new and perfect age has started. entrepreneurs to adopt newer technologies, machineries and produce products or provide services according to the It is very essential for the use of newer changed demand of consumers.

Challenges and Opportunities :

The Fourth Industrial Revolution has the potential to raise global income levels and improve the quality of life for the population around the world. Those who have gained the most from it have been consumers who are able to afford and access the digital world; technology has made possible new products and services that increase the efficiency and pleasure of our personal lives. Ordering a cab, booking a flight, buying a product, making a payment, listening to music, watching a film or playing a game- any of these can now be done remotely.

In the future, technological innovation will also lead to a supply-side miracle, with long-term gains in efficiency and productivity. Transportation and communication costs will drop, logistics and global supply chains will become more effective and the cost of trade will diminish, all of which will open new market and drive economic growth.

The economists Erik Brynjolfsson and Andrew McAfee have pointed out, the revolution could yield greater inequality, particularly in its potential to disrupt labour markets. As automation substitutes for labour across the entire economy, the net displacement of workers by machines might exacerbate the gap between capital and returns to labour. On the other hand, it is also possible that the displacement of workers by technology will, in the aggregate, result in a net increase in safe and rewarding jobs. The demand for highly skilled workers has increased while the demand for workers with less education and lower skills has decreased. The result is a job| market with strong demand at the high and low ends, but a hollowing out of the middle.

Industry 4.0 & Bangladesh :

The Fourth Industrial Revolution might hit Bangladesh's economy badly and create huge challenges for the country if it fails to embrace advanced digital technology. According to the World Economic Forum (WEF), around 800 million people worldwide are likely to lose their jobs by 2030. During the same period, jobs abroad and at home of approximately 5.7 million unskilled workers from Bangladesh would be terminated. This is quite a frightening employment scenario for the country. But at the same time, its plus point is its high proportion of young population. Now the demographic pattern here in Bangladesh can be made either an asset or a huge burden.

I'm 2009 when the Awami League came to power, their election slogan had been "Digital Bangladesh Bangladesh has already started to respond to these mega shifts through Digital Bangladesh program. digital transformation from 2009 to 2019. The number of internet users has increased from more than one million to more than 95 million and the number of mobile subscriptions has increased from 20 million to 158 million.

The Access to Infomation (a2i) program of the Prime Minister's office established 5,286+ digital centres, e-procurement, 100+ simplified public services and smart healthcare, for instance, are leading us on the 4IR pathway.

The fourth Industrial Revolution is characterised by a fusion of technologies that is blurring the lines between the physical, digital and biological spheres collectively referred to as cyber-physical system. Bangladesh needs to formulate policies to face the challenges of the Fourth Industrial Revolution.

In the context of Bangladeshi industries and our readiness to adopt 4IR technologies, major Bangladeshi business sectors are-Readymade garments, leather and leather goods, plastics, light engineering, agro-processing, electrical and electronics, fashion designing, IT, shipbuilding, tourism, textiles, ceramics, pharmaceuticals, infrastructural development, healthcare and diagnostics etc. Bangladeshi export is mainly dependent upon a single sector readymade garments during kast 3 and more decades. Local scholars are advising the government and private sectors to look for products for export diversification. manpower can be raised as the most competent people who ill be able In the context of Bangladeshi readymade garments, leather and Local scholars are advising into the matter of diversifying export basket but yet to select the right products for export diversification.If properly planned, our to face any challenge from the upcoming industrial comes first in order to merit. The existing education system will not age. Education is able to prepare today's children for the industrial transformation. It is to be reformed according to the need of the time. There is no alternative to massive investment in education.