After Chief Minister Davendra Fadnavis' tweet yesterday, Reliance Industries confirmed that they will set up a Center for the Fourth Industrial Revolution (C4IR) with World Economic Forum in Mumbai, reported PTI.

It will operate as a sister centre for C4IR in San Francisco. This will allow "policymakers and thought leaders in India to stay ahead of the curve through unique insights in new forms of governance and new technology applications, and connections with cutting-edge technology innovators globally" said the company in its statement.

WEF chose India as its partner as it identifies the country as a key economic, political and social shaper of the 21st century's global, regional and industry systems.

"The capability for India to maximise the potential and minimise the risks of the Fourth Industrial revolution, both domestically for its economy and society, and globally as a major economic and social innovator -- and cultural influencer -- will be one of the foremost drivers for prosperity and peace over the coming decades," it said.

The economy will benefit from C4IR in this digital age and is expected to create great value to countries embracing them by increasing GDP and employment.

The opportunities include artificial intelligence and machine learning, Internet of Things (IoT) and blockchain, among many others.