According to a report prepared by an edtech firm, India is expected to see 1.5 lakh new job openings in data science in 2020, which from last year, is an increase of about 62%. A majority of these jobs would preferably be for professionals with less than five years of experience. Great Learning conducted the survey among working professionals in data science, which included a mix of executives, managers and senior managers. In 2019, as per the study conducted by Great Learning, close to 97000 positions related to analytics and data were vacant due to a dearth of qualified talent. The top sectors hiring for this kind of talent were BFSI, energy, pharma, healthcare and ecommerce.
As per a report by Gadgets360, stock market regulator Securities and Exchange Board of India (SEBI) is in the process of creating a data lake project to augment its analytical capability and surveillance specifically aimed at social media, Chairman Ajay Tyagi said on Thursday. Catching malpractices in the market using standard tools that analyse only structured data of price and volume is increasingly becoming difficult, said Tyagi. The methods and models for measuring, managing and pricing financial risk need regular review and update so that the risk management is robust. Hence, there is a need for continuous research and analysis in the area of risk management to forecast plausible screen scenarios and consequent risks to put in place appropriate risk management to protect the interest of stakeholders, he added.
The Economic Times reports that government think tank Niti Aayog will develop a national data and analytics platform to make all government data accessible to stakeholders in a user-friendly manner. Releasing the vision document for the National Data and Analytics Platform (NDAP), Niti Aayog vice-chairman Rajiv Kumar said that the NDAP will strive to ensure that the data is assured, consistent, coherent and credible.
The Department of Revenue has asked the GST data analysis wing to scrutinize all past and pending refund claims country wide for inverted duty structure, after 931 cases of fraudulent claims were identified using data analytics. Revenue secretary Ajay Bhushan Pandey is reviewing the matter of fraud input tax credit (ITC) claims on a weekly basis, a government official said, adding that the department will verify and scrutinize taxpayers that have purchased goods from tax evading non-filers. The direction has been issued to curtail ITC frauds at a time when the government wants to reach tax collection targets of Rs 4.45 lakh crore for the period between December 2019 and March 2020. The move assumes significance since refunds of over Rs 28,000 crore have been filed by over 27,000 taxpayers so far, on account of inverted duty structure in 2019-20.
Crisil, the local unit of S&P, is accelerating its analytics and other service offerings amid a slowdown in its key rating business and regulatory overhang, CEO Ashu Suyash said in an interview. In December, it acquired US-based Greenwich Associates for nearly $40 million, which will help it raise the data analytics offering to Indian financial services. Suyash said the acquisition will help the company add new products to its research and analytics business, and diversify away from the credit ratings business. The services Greenwich offers can also be introduced to the Indian market in the future.