Source – https://www.analyticsinsight.net/
Needless to say, budget presented every year draws attention from all corners of the country. This surely remains a hot topic for quite some time and the progress with respect to what has been promised is kept an eye on, undoubtedly. This time too, the budget garnered attention of many. Be it the agricultural sector, education, technology or healthcare, a lot has been said and promised. But what seems to have stood out from the rest is the discussion pertaining to Artificial Intelligence and machine learning.
Even before the budget was presented, a lot was already been said and speculated about how much importance should be given to AI and analytics. Some were of the opinion that in order to accelerate Research and Development and technology, setting up of robotics centres of excellence, incubation centres, continued research grants for robotics R&D and continuation of income tax deduction could be the key drivers. Also, warehouse automation should be given importance to as it ultimately leads to an increase in customer traction.
Well, the fact that adequate importance if given to technology can not only strengthen the Government’s initiatives like “AtmaNirbhar Bharat”, “Make in India”, “Digital India”, etc. but also increase employability in India.
With a lot being predicted, the Finance minister finally had put an end to all of the speculations and emphasised on the use of Artificial intelligence in the days ahead. She made a statement saying that in the coming fiscal year, there is a plan laid to track the companies that default and also those that fail to comply with the rules of the Ministry of Corporate affairs (MCA).
Plan to come up with a machine learning driven MCA-21 Version 3.0 is in process. This version will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and Compliance Management, said the finance minister. Features such as single source of truth, online compliance monitoring, ease of doing business among others are expected in this version. All of these features aim at making the authenticity and comprehensiveness of corporates even better. Also, with the use of machine learning, data analytics and artificial intelligence, it is no longer required to fill in known details again and also interlink databases. Everything will now be automated. Also, the routine enforcement can be done 24×7 on autopilot basis.
MCA-21 is crucial from the start-up point of view. It also shares crucial information to the various stakeholders such as the regulators, investors and companies. All filings under the ‘Companies law’ are submitted to the ministry through this portal.
Also, measures to deploy deep analytics and artificial intelligence to identify the tax evaders and fake billers have been taken and special drives are launched against them. When it comes to tax evasion, a lot of steps have been taken up in the past that included machine learning tools.
With so much that’s been promised as far as the usage of AI, machine learning and analytics to changing our lives for better, all eyes are now on the implementation aspect. Let’s hope all that is said is implemented soon and we get to see a technology rich India in the days ahead!