The emergence of Robotics

In the present times, robots and their usage has become more prevalent. Robots work better than humans and that too in lesser time. This is beneficial to the economy. But because of robots, by 2030, about 2 crore people might lose their jobs, globally. This is revealed by Oxford Economics in one of its reports. Oxford Economics is an international firm that makes predictions and analysis. According to the report, the declining cost of machines has made robots much cheaper than some employees. A robot has faced a decline of about 11% in its average cost from 2011 to 2016. Robots are capable of working in different kinds of circumstances in a much better way.

According to Oxford Economics, China has been investing in robotics to lead in the global manufacturing of robots. By 2030, robotic industries in China might reach upto a production of 1.4 crores robots, which will be much higher as compared to the other countries’ industries using robots. Oxford Economics predicts that by 2030, there will be a 5.3% (4.9 trillion dollar) growth in the global GDP by the installation of robots.