CIBIL Detect is an exhaustive repository of information on spurious activities that not only captures the methods used to commit fraud, but can also indicate whether the person or organisation was a victim of fraud or was involved in it
Credit Information Bureau (India) Ltd (CIBIL) and TransUnion together have launched CIBIL Detect — a nationwide database of reported fraudulent and suspect activities. CIBIL Detect will address the need for better collaboration and the sharing of information on fraud and high-risk activities throughout the banking and financial industry, it said in a release.
"Banks and financial institutions have been reporting rising cases of frauds and spurious incidences. Realising the urgent requirement of an industry-wide system for fraud control, the Indian Banks' Association (IBA) entrusted CIBIL and TransUnion to develop an exhaustive repository of information on spurious activities that will not only capture the methods used to commit a fraud, but can also indicate whether the person or organization was a victim of fraud or was involved in it," said Arun Thukral, managing director, CIBIL.
In addition to reported fraudulent and suspicious activities, CIBIL Detect also contains valuable information on high-risk vendors and agents, which credit grantors can share and access. It will also keep a track of the modus operandi of individuals who have committed banking-related frauds in the past.
CIBIL Detect has been designed to help at both an organizational as well as an industry level. At an organisational level, it will act as a comprehensive nationwide repository that can be used to check if the business prospect has been involved in any spurious activity. On an industry level, CIBIL Detect will fuel the regulatory body's efforts towards creating a healthy and sound credit culture by effectively identifying, recording and sharing information on high-risk activities.
Increase in income from agriculture and growth in the overall rural economy coupled with huge migration of labourers to the Gulf countries are impacting the steady flow of skilled and unskilled job workers in the construction sector
The construction sector is facing labour shortage of around 10 million persons in any given day and the situation will worsen in the next decade when requirement for workers is expected to go up three-fold, reports PTI.
"The total requirement of skilled and unskilled labourers in the construction sector, including real estate, is 33 million per day. The shortage is around 30%. We need to take proper measures so that things do not worsen next decade when per day labour requirement will treble," Confederation of Real Estate Developers’ Association of India (Credai) president Santosh Rungta told PTI.
Increase in income from agriculture and growth in overall rural economy, coupled with huge migration of labourers to the Gulf countries, are impacting the steady flow of masons, plumbers, electricians and other skilled and unskilled job workers in the construction sector.
Mr Rungta said that the industry should gear up now on to mitigate the challenge, which could be compensated with the adaptation of latest technologies for construction.
"Technology is the need of the hour. We are not using the technology compared to the developers in developed nations.
Developers here are a bit reluctant as technology usage will increase their cost of capital, which they will not consider a good idea since 90% of our housing requirement is from the low-cost segments," he said.
However, as a fall out, a day may come when various parts of a building may be manufactured in a factory and a project will be assembled at the site, making the workforce constraint a non-issue, Mr Rungta anticipates.
"The existing scenario of less availability of workforce may also provide a room for the growth of the pre-engineered buildings. This is already being used in the high-end housing projects and commercial buildings. The usage will only grow with time," he said.
In its latest analysis of global manufacturing competitiveness, Deloitte said Asian giants China, India and South Korea led the current competitiveness index and were expected to retain their top three rankings over the next five years
India, China and South Korea will maintain their leading position in global manufacturing competitiveness while the economies of Western Europe, Japan and US are expected to become less competitive over the next five years, reports PTI.
Presenting its latest analysis of global manufacturing competitiveness index, Deloitte said Asian giants China, India and South Korea led the current competitiveness index and were expected to retain their top three rankings over the next five years.
In contrast, the dominant manufacturing superpowers of the late 20th century are expected to become less competitive.
Other Western European nations will be similarly challenged, especially Czech Republic, Netherlands, Switzerland, Ireland, Italy and Belgium.
Wayne Harvey, senior partner of Deloitte, said: "China and India have been emerging as global leaders in manufacturing for a number of years now, and this survey highlights the increasing dominance that these two major economies will continue to have over the remainder of this decade".
"It is disappointing to see that the UK is ranked outside the top 10, positioned at 17 in an index of 26. Further, it is predicted that the UK will drop three places over the next five years," he added.
Mr Harvey said it was important that the new UK government worked jointly with manufacturers to ensure they improve their global competitiveness.
The UK manufacturing sector is predominantly focused on emerging new technologies and hi-tech industry.
"We must continue to invest in and develop these areas.
Given the significant proportion of UK’s gross domestic product (GDP) earned through our manufacturing base, and the number of people employed in this sector, any further slippage in our global competitiveness will have a real impact on the broader UK economy," he said.