A Novel Approach: Industry 5.0 & Bioeconomy
Updated: Jul 11, 2022
by Dr. Pramod Chaudhari, Dr. Ravindra Utgikar, & Dr. Bhooshan Kelkar
The industrial revolution has contributed to GDP growth and poverty eradication and improving quality of life to a great extent. In 18th-century Britain, James Watt, perfected the Steam Engine to launch the Industrial Revolution referred to as Industry 1.0. This over an era of technological advancements led to the industry 4.0. Industry 4.0 is not a “single” technology, rather it is a confluence of multiple technologies, each complementary to the other components and in some way interdependent as well. It comprises artificial intelligence (AI), simulation, robotics, Internet of things (IoT), additive manufacturing/3D printing, cloud, HR/MR, and cybersecurity. A combination of two or more technology components really makes Industry 4.0 not only useful but also very pervasive in many walks of life and human endeavors. While industry 4.0 have undoubtedly accelerated economic growth, it has brought to the surface several limitations such as sustainability, ecological imbalance, unemployment and human cost, psychological impact, and inclusiveness.
.The article assimilates disparate ideas and gives a newer framework of Industry 5.0.
II. EVOLUTION OF SOCIETY 5.0
Just as Industry 4.0 is a culmination of the industrial evolutions, even society as a whole has also undergone an evolution. Cabinet Office, Government of Japan, believes that the Japanese society should aspire to build on Industry 4.0 and move organically to the next version of society. The previous society versions are hunting society (Society 1.0), agricultural society (Society 2.0), industrial society (Society 3.0), and information society (Society 4.0). One definition of “Society 5.0” happens to be: “A human-centered society that balances economic advancement with the resolution of social problems by a system that highly integrates cyberspace and physical space”. Social reform (innovation) in Society 5.0 will create achieve a forward-looking society that breaks down stagnation, one in which members have mutual respect across generations and each person can have an active and joyful life. AI analyses large data in cyberspace and feeds the results to humans in physical space. This blend of physical and cyber bridges Industry 4.0 with Society 5.0. While it is a forward step, Society 5.0 is not devoid of shortcomings. 
III. INDUSTRY 5.0: TWO VERSIONS
Here we will look at the inevitability of and natural progression to Industry 5.0.
The first version (V1) of Industry 5.0 discusses “human-robot co-working” also popularly known as “cobots” where instead of the dreaded human-robot conflict, it will be coexistence and cooperation. In this vision, the human role will be on creative and transformational parts and that of robots will be of transactional and repetitive work.
The second version (V2) of Industry 5.0 elaborates bioeconomy based that smartly uses biological resources for industrial purposes and helps achieve a balance between ecology, industry, and economy. The widely accepted definition and concept of Bioeconomy are defined as “A set of economic activities related to the invention, development, production, and use of biomass-based products and/or processes for the production of renewable energy, materials, and chemicals”. We feel that there is a definite synergy between Industry 4.0 evolving to both the versions of Industry 5.0 and also vis-à-vis Society 5.0. The following figure explains this graphically (Fig.1).
IV. ENHANCED VERSION OF INDUSTRY 5.0
The proposed Enhanced Version of Industry 5.0 is a tripartite equilibrium between Industry 5.0 V1 (Cobots/Human-Robot Interaction), Industry 5.0 V2 (Bioeconomy), and Society 5.0. (human-centric). Industry 4.0, Industry 5.0 V1 & V2, Society 5.0, and Enhanced Industry 5.0 are compared below (Table 1). Proposed Enhanced Version of Industry 5.0 depicts an inverted tetrahedron with a time axis pointing up and three apexes: Cyber-Physical system/Cobot (Industry 5.0 V1), Bioeconomy (Industry 5.0 V2), and Human-centric/Inclusive Growth (Society 5.0). (Fig: 2)
What is desirable and the cornerstone of enhanced version of Industry 5.0 is a delicate equilibrium of all three (“MAHAT”). Just as we describe three apexes, there are areas we can define as “edges”. An example is below (Fig. 3).
In comparison, the previous industrial revolutions are always focused on getting more out of production. But, Industry 5.0 has the potential to improve the lives of human beings. In the Bioeconomy industry, it is done by ensuring the sustainability of economic activities but also by raising the well-being of the population and improving the quality of life around the globe through biotechnology breakthroughs and applications in other fields.
Digitalization employing Big data, AI, and Machine Learning (ML) supports the bioeconomy and transition to sustainable development. AI can smartly process bioeconomy data. Precision agriculture with the Internet of Things can help to minimize greenhouse gas emissions and speed crop improvement by monitoring farms in real-time.
A. Key Global Challenges
Rising global temperature, population expansion, climate change, decreasing energy supplies, and health difficulties offer significant challenges for industry and society. Even with Industry 4.0, issues continue owing to our reliance on depleting resources and lack of commitment to change. Bioeconomy must address and mitigate these obstacles for Industry 5.0 to succeed. 
B. Solutions to Global challenges through Bioeconomy in Industry 5.0
Bioeconomy's position in Industry 5.0 can address food, chemical, material, energy, health, and environmental concerns. It encourages sustainable economic activity using renewable and bio-based raw materials in industrial processes, pointing to a promising path away from fossil fuel and unsustainable practices.
C. Bioeconomy Driving Principles 
Three fundamental principles of bioeconomy are Sustainability, Robust Development & Holistic Health. Sustainability is to respect planet health while serving need of this generation and preserving the planet for future generations. Sustainability depends on development of circular economy i.e. re-use, re-purpose and recycle natural resources, reduce waste and environmental impact. Robust development is importance to local societies & economies, equality across society and sustainable use of local resources; without jeopardizing global interests. Holistic Health necessarily implies physical, mental, spiritual, and social health and taking care of all the aspects that affect human health in positive and negative way.
V. BLOCKCHAIN TECHNOLOGY
Cybersecurity which is a pillar of Industry 4.0 involves blockchain. Blockchain is an electronic ledger that makes transactions untraceable, verifiable, and everlasting.
Blockchain was first centered on financial applications, but we see greater possibilities in manufacturing, agriculture, healthcare, supply chains, bioeconomy, and logistics. Industry 5.0 V2 uses blockchain to track carbon credits. In a sustainable economy, credentials matter: biobased products will market themselves based on carbon savings compared to petroleum-based equivalents, biofuels will only receive government support if they can demonstrate a better carbon economy than fossil fuels, and feedstocks must not offset their carbon benefits by clearing rainforest.
A single blockchain system may track the entire supply chain and document emissions variables. This would help verify biobased products' carbon benefits more precisely, reducing the need for "black box" supply chain segments when reporting emissions. Not just for emissions, but for any sustainability criteria. This would lessen the admin needed to assess compliance and identify where the supply chain needs improvement .
VI. PROPOSED ACTIONS TO SUPPORT THE DEVELOPMENT OF BIOECONOMY IN INDUSTRY 5.0
India’ Bioeconomy in industry 5.0 could lead that way by transitioning to a Circular, Sustainable model which would not only lead to environmental protection & job creation but also increased innovation in products and services. However, this transition would require Bio-clusters thus become a crucial component as they would act as a collaborative platform for all key stakeholders and assist in bringing about this to reality. Nonetheless, in order to build a strengthened Indian bio-manufacturing hub and bioeconomy, structural reforms based on sustainability, technology, ecosystem, policy advocacy, financing and partnerships need to be implemented.
While Industry 4.0 is now slowing but surely gaining strong traction, there is ushering of Industry 5.0. This future trend envisages human-robot collaboration and bioeconomy as an integral part of the next industrial revolution. Industry 5.0 foresees holistic and sustainable development that takes into consideration important aspects namely humans as well as the environment.
A confluence of advances in biological sciences—decades in the making—with the accelerating development of computing, automation, and AI, is fueling a new wave of innovation that could have a significant impact on economies and societies, from health and agriculture to consumer goods and energy.
As part of a green economy, the role of energy systems like advanced biofuels, renewable Natural gas (RNG), Bio-methanol, Bio-hydrogen, and Fully Integrated Smart Biorefineries is crucial in building the Future Bioeconomy. Additionally, there is a vital role of Renewable chemicals and materials, Biopharma, Nanotechnology, and Genetic engineering in the development of a sustainable and Holistic health Bioeconomy.
The bioeconomy is bound to complement a multitude of technological advances as well as inclusive growth. Bioeconomy positively impacts social, environmental, and economic aspects, balancing the proverbial 3 Ps viz. People, Planet, and Profits, in a sustainable manner. It is poised to play a pivotal role in the global context.
About the Authors
Dr. Pramod Chaudhari, PhD., Executive Chairman, Praj Industries Ltd., Pune, India.
As a first generation techno-entrepreneur, Dr. Pramod Chaudhari founded Praj in 1983. Through industry leading innovation and development, Praj leads global efforts as a world-class engineering company specialized in Agri-processing opportunities. With strong belief in principle of triple bottom-line, his business model is inherently scalable, replicable and sustainable. Praj fostered the emergence of advanced technologies in certain Bio-Energy and allied space. As India’s biggest Biofuel Technology company, Praj has 1000+ footprints in over 100+ countries, across five continents. Deeply passionate about Bio-economy and Environment, Pramod is committed to develop clean and green technologies. As a champion of the powerful premise that ‘Innovation and Entrepreneurship can change the world for better’, he has been a tireless crusader in propagating spirit of entrepreneurship and intrapreneurship. Pramod is a ‘Distinguished Alumnus of IIT Bombay (1971)’ and an alumnus of Harvard Business School. Of note, Dr. Chaudhari is the recipient of prestigious George Washington Carver award 2020 and William C Holmberg award 2022 for his stellar achievements in global bio economy. Dr. Chaudhari can be reached at firstname.lastname@example.org
Dr. Ravindra Utgikar, PhD Vice President, Corporate Marketing & Strategy, Praj Industries Ltd., Pune, India.
Dr. Ravindra Utgikar is an esteemed Electronics & Telecom engineer and Ph.D. in International Marketing Strategies, with 29 years of experience in -Sales, Marketing, Business Development, Formulating & implementing ‘Go To Market’ and business strategies globally, product management, Mergers & Acquisitions, Partnerships & Alliances, Digital Marketing, Brand Management, New Product Development, Program Management Market Intelligence & Analytics, Key Account Management and Customer Experience. Dr. Utgikar can be reached at email@example.com
Dr. Bhooshan Kelkar, PhD, Director, Neuflex Talent Solutions Pvt Ltd, Pune, India.
Dr. Bhooshan Kelkar has led global efforts in AI and engineering endeavors through his professional experience of more than 28 years. He is currently the Director of "Neuflex Talent Solutions Pvt Ltd"., and before that he worked with IBM for 13 years. In his last role in IBM, he was the “Country Manager” for University Relations for IBM India /South Asia. Dr. Kelkar is an "IBM Master Inventor" and is an inventor of 23 US Patents. Dr. Kelkar earned his B.Tech. in engineering from IIT Bombay and M.S. and Ph.D. in Artificial Intelligence from the UK. His 25-year career in applied Machine Learning includes multiple areas including psychology, medical data and bioinformatics. Dr. Kelkar is an author of a book on Industry 4.0. Dr. Kelkar can be reached at firstname.lastname@example.org
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