Artificial Intelligence (AI) Current Affairs - 2019

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Government plans introducing AI system in MCA 21 portal

The Ministry of Corporate Affairs (MCA) has laid out its plans to introduce artificial intelligence (AI) system in its MCA 21 portal. It will be introduced when Ministry will roll out the Version 3 of the MCA 21.

Key Highlights

  • Background: In early 2019, the Ministry of Corporate Affairs sought applications from various service providers so as to develop as well as operate upgraded version of MCA 21 system.
  • Objective: To make compliance process easier and to ensure that routine enforcement activities are done regularly on autopilot basis.
  • Need: The main focus of Ministry in introducing AI system is to rationalise all forms filled and to follow principle of a single source of truth. This means that one would not be required to fill in the known details again, as it will get filled automatically.
  • The MCA also seeks to interlink databases so that routine enforcements are done 24×7 on autopilot basis.

About MCA 21

  • About: The MCA 21 is one of 31 Mission Mode Projects (MMP) of National e-Governance Plan (NeGP) of Government of India. This is first Mission Mode Project to be launched under NeGP and is e-governance initiative from the Ministry of Corporate Affairs to meet stakeholder needs in the 21st century.
  • Background: The MCA 21 system was first started in 2006. The first phase (Phase I: from 2006- December 2012) of e-governance initiative of ministry was implemented by Tata Consultancy Services (TCS) and the ongoing second phase (Phase II: from January 2013-July 2021) is being implemented by Infosys.
  • Significance: The portal is electronic backbone of MCA for distribution of information to all its concerned stakeholders, including the investors, regulators and corporates. It protects investors and also offers many important services to stakeholders.
  • Function:
    • It regulates corporate affairs in India through Companies Act, 1956, 2013 and other allied Acts, Rules and Bills. It also allows electronic filings of various documents under Companies Act, 2013.
    • It has also fully automated all processes related to compliance and enforcement monitoring under the Act.
    • The portal act as a gateway to all guidance, services, and other corporate affairs related information

Month: Categories: Business, Economy & Banking

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India to add 3 Million Tech Jobs by 2023: ISF

According to Indian Staffing Federation’s (ISF) Tech Employment Projections, the Indian tech industry will add another three million new jobs in next 5 years.

Key Highlights

  • With the addition of 3 million new jobs in next 5 years, the size of country’s tech army will reach seven million by 2023.
  • Job Areas: All these new technical jobs would come up in digital technology areas such as Machine Learning (ML), Artificial Intelligence (AI), Data Science, Internet of things (IOT), Analytics, Big Data, Blockchain and Augmented Reality (AR).
  • These newer technology areas which at presently are relatively unknown, are expected to emerge and evolve in the next few years.
  • Significance: The data shows visible behavioral change happening in global IT and ITes sectors. These employment projections give big relief to millions of software engineering students and young techies, amid talks about jobless growth with automation that may replace humans with robots.
  • Data Collected: Data for projections are gathered from interaction with companies, such as Indian tech firms, global capability centres of hundreds of international firms, MNCs, enterprises like e-com, BFSI, pharma and telecom etc
  • It shows that due to technology innovation activities in India, the new and existing Global In-House Centres (GCCs) have increased hiring. Also, other than 1,300 global in-house centres (earlier called captive units) presently working in India, about 400 new are coming up in 2019.
  • It emphasises that India does not have a job problem rather an employed poverty problem.
  • Suggestions: The only sustainable way to address job problem is by industrialisation, formalisation, urbanisation and financialisation of India’s human capital.

About Global In-House Centres (GCCs)

  • GCCs were called Captive Centers in early 1990s.
  • These are offshore centers (business unit) of a company that performs designated functions for large organizations. Although it is an entity on its own but at the same time retains work and close operational tie ups within the parent company.

About India Staffing Federation (ISF)

  • It is a global Multinational organization (MNC) based in United States. It is also the apex body for ‘flexi’ working industry.
  • It acts as an organizing union mainly for ethnic Indians in fields of job recruitment, and also performs outsourcing functions for businesses like employment background screening.

Month: Categories: Reports & Indices

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