AI And ML-Driven MCA21 - Budget 2021

CIOReviewIndia Team | Monday, 01 February 2021, 09:18 IST

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The Honorable Finance Minister of India, Smt. Nirmala Sitharaman announced that there will be launching of data analytics, artificial intelligence, machine learning-driven MCA21 version 3.0. This 3.0 version will have additional modules related to e-scrutiny, e-adjudication, e-consultation, and compliance management.

The NCLT framework will be strengthened, and there will be implementation of e-courts and alternative methods for debt resolution and special framework for MSMEs will get introduced.

Another announcement is made in FDI in Insurance – The amendment of Insurance Act, 1938 will increase foreign direct investment limit to 74 percent from 49 percent in insurance companies and it will allow foreign ownership and control with safeguards. Companies will also have a majority of resident Indians as directors.

NITI will get to work on next PSUs that will take strategic investment in centre.

The Central Government will work in inceptive package on central funds for states. The idle assets will not however, contribute to Atmanirbhar Bharat, as said by the Honorable FM.

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