Industry 5.0 and Society 5.0

In the era of digitization, the impact of industrialization on the development of the Indian economy is pivotal.   The economy is currently witnessing the fourth industrial revolution popularly termed as ‘Industry 4.0’. The notion Industry 5.0 was introduced way back in 2011.  Industry 5.0 deals with the core elements of Industry 4.0 namely smart manufacturing or smart factories. The socioeconomic development of any nation is mainly based on rapid industrialization. Industry 5.0, a new epitome that focuses on the socioeconomic development without compromising on environment sustainability. It aims to foster creativity and innovation with technological upgradation. The outcome of industry 4.0 with technological integration results in the improvement of the quality of human life, enhancing social responsibility and sustainability. Industrial growth clubbed up with the core technologies such as the Internet of Things (IoT), cloud computing, big data analytics and robotics and Artificial Intelligence (AI) aims to achieve the UN Sustainable Development Goals 2030 and strives to balance the current and future needs of society. This chapter highlights the scope of Industry 5.0 along with Society 5.0 and its prominent role in economic development.