Data and artificial intelligence (AI) can add $450-500 billion to India's GDP by 2025, representing about 10 percent of the $5 trillion economy aspiration of the Indian government, a report by industry body Nasscom said on Tuesday.

Nearly 45 percent of this value is likely to be delivered by three sectors – consumer goods and retail ($90-95 billion), agriculture ($60-65 billion), and banking and insurance ($60-65 billion), the report said.

Artificial Intelligence

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Also ReadH-1B visa woes: Nasscom says new US executive order based on misperceptions, misinformation

The report, titled Unlocking Value from Data and AI, presented an action plan with five key building blocks to promote increased data utilisation and adoption of AI, including strategy, data, technology stack, talent and execution.

It emphasised that datasets of national importance be identified with each ministry with specific use cases, a programme to create a marketplace of data and derived assets be created, and a central agency be established for defining and enforcing data standards.

The report said platform(s) to securely host data, AI services, models, open-source libraries, applications and testbeds should be created and that policies be formulated to ensure the security, reliability, interoperability, and economic viability of the stack.

It also suggested the launch of the National Programme for AI and creation of a central, apex body to steer its execution, in collaboration with various ministries, industry groups, and other stakeholders.

The report highlighted the importance of building an AI innovation ecosystem and seeking greater participation from the private sector and entrepreneurs.

Engaging the AI ecosystem

It added that schemes to engage the AI ecosystem (industry, startups, civil society, and academia) should be created and guardrails be set up to protect public interest, while accelerating programme and economic impact.

Launching lighthouse projects in the public sector, partnerships to create data, tech and services, and grants or incentives to invest in research and innovation were also key suggestions of the report.

Unveiling the report, Electronics and IT Minister Ravi Shankar Prasad said Digital India had reimagined how the government connects with citizens, and the accelerated deployment of AI and other emerging technologies would help this objective further.

"…the kind of data we are generating because of the sheer size of India, we need to leverage it…data is a national asset and this asset, we have to leverage it…

"What COVID has done is enable the world to see India's potential…we need to further exploit it. AI for three areas of human development (education, agriculture and healthcare) is very important to be focused upon," the minister said.

Debjani Ghosh, President of Nasscom, said the report can help India emerge stronger from the COVID crisis.

"Data and AI's true potential emerges from its ability to drive transformation across multiple sectors through a diverse range of applications. The report articulates the key structural steps that India needs to take to realise the value of this opportunity," she added.

The action plan and report has been reviewed by industry leaders, including Tata Sons Chairman N Chandrasekaran, Wipro Chairman Rishad Premji, Infosys COO UB Pravin Rao, and Microsoft India President Anant Maheshwari.

Nasscom will also hold Xperience AI summit 2020 in partnership with the Telangana AI Mission from September 1-4 with curated discussions on four key themes – Build AI from and for India, Scale AI Adoption in India, India's AI Policies, Thought Leadership in AI.

Additionally, deep dive sessions will be organised for developers to understand latest trends in AI technologies and use cases.

(Edited by Teja Lele Desai)

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Original Source: yourstory.com

cannabis litigation

On August 5th, Harris Bricken attorneys Griffen Thorne, Jihee Ahn and Jesse Mondry presented a webinar entitled Cannabis Litigation – Trends And Q&A. If you missed the live webinar, we will publish a replay tomorrow here on the blog.

The webinar was well attended, and we received numerous questions from the audience. In this post, I respond to a few questions we did not have time to answer.

Can you speak about requesting information from the Oregon Liquor Control Commission through a FOIA request? What is the procedure? What types of information can be requested? Sales data? Employee data?

A wide variety of records are available from the OLCC. Under Oregon’s Public Records Law, “every person” has a right to inspect any nonexempt public record of a public body in Oregon. See ORS 192.410 – 192.505. This right extends to any natural person, any corporation, partnership, firm or association. The law is similar to the federal Freedom of Information Act (FOIA) in some ways, but is a separate law, with its own provisions. So when making a request, don’t refer to it as an FOIA requests. The law favors disclosure, but the OLCC must be careful not to release sensitive information – e.g. social security numbers, bank account numbers, and so forth.

Typically, the OLCC receives requests from licensees or attorneys following the issuance of charging document. But the law does not require the records request be tied to a pending administrative matter. Responding to these requests may impose a significant burden for overworked and underpaid OLCC staff. So responses may take time and the OLCC may charge fees for responding to public records requests. Making a request is straightforward. The OLCC has a webpage with instructions that explains how to do so and what fees may apply.

With regard to membership and partnership disputes, is there anything especially different about litigating disputes in the cannabis industry? Do you have any practical advice about how to bring these cases to a swift resolution?

Litigating membership and partnership disputes in the cannabis industry is much like any other industry. But there are a few quirks.

When a partner or member decides to leave the business, one of the first questions is: What is that person’s interest in the business worth? Cannabis businesses present different considerations in terms of the marketability of an interest. This is because of licensing requirements, IRC §  280E, lack of access to financing and banking, insurance risks and costs, and the overarching problem that marijuana is a schedule I controlled substance.

Another difference is that most states require tracking marijuana products to the gram gram through tools such as METRC. Access to this information can provide non-managing or minority interest holders a powerful tool in the event a forensic accounting becomes necessary. On the other hand, dispensaries operate on a cash-only business on the retail side, which can make an accounting difficult.

A final significant concern is whether the facts and issues of the partnership/membership dispute concern violations of the state regulatory scheme. It may not be in the best interest of the business (or its owners) to engage in a public lawsuit that concerns allegations of financial fraud, diversion into the illegal market, hidden investors or investments, and so on. These kinds of facts may result in the business losing its ability to operate in the cannabis industry and leave the owners with letters of reprimand in their files that restrict their ability to operate in the industry in the future.

As far as ending disputes quickly, the best advice I can give is to thoroughly paper everything. By this mean cannabis businesses should hire transactional lawyers with expertise in cannabis at the outset of any business venture as well as to review contracts and deals throughout the life of the business.

Could you talk about class action litigation trends in cannabis and CBD

We spoke about this during the webinar, but one concept that was not addressed was the doctrine of primary jurisdiction. This is a doctrine increasingly used, and with increasing success, by defendants in CBD class actions. The basic concept is that courts may stay (pause) litigation when the claims involve issues that fall within the special competence of an administrative agency. In such cases, courts may wait for the agency to issue rules or guidance that may substantially affect the outcome of the case. The primary jurisdiction doctrine, then, is a form of judicial abstention. See Litigation Update: Who Decides Whether You Can Ship Hemp Through Idaho? and The Rise of Cannabis Litigation Against Foreign Entities – Where Will You Litigate?

Our colleague, Nathalie Bougenies, has also written on this topic and it is one worth watching

Hemp-CBD: More Federal Courts Stay CBD Cases Until the FDA Issues Regulations
Patchwork Of Judicial Decisions Exacerbates Confusion On Legality Of CBD Products

Thanks to everyone who attended.  Please note that our next FREE Q & A webinar is Thursday, September 17, 2020 from 12pm to 1pm PDT, during which our transactional hemp attorneys will field questions on all aspects of hemp and CBD. Register is available for that one here.

We will be back tomorrow with a replay of Cannabis Litigation Q&A webinar, as well.

The post Cannabis Litigation Q&A Webinar – A Few More Questions and Answers appeared first on Harris Bricken.

Original Source: harrisbricken.com

LifeDamian Gadal/Shutterstock

 

According to data from S&P Global, the life insurance industry lost a total of $50 billion in the first quarter of 2020. 
A big share of life insurance companies’ revenue comes from annuities, or insurance contracts which provide retirement income after purchase.
Since this money is invested, it’s especially vulnerable to market fluctuations. 
The least affected product from these losses will be term life insurance, a product that’s more insulated from the market.
Prices could increase marginally, but term life insurance will still be the most affordable way to cover your family. 
Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price »

According to new data from S&P Global, the US life insurance industry saw big drops recently — in the first quarter of 2020 alone, the industry lost more than $50 billion. 

But the industry losses shouldn’t affect every type life insurance equally, says Steven Weisbart, a senior economist with the Insurance Information Institute. Because each product is so different, life insurance options like annuities and universal life plans will be more affected than options like term life insurance. See the rest of the story at Business Insider

See Also:

3 guaranteed ways to reach your emergency savings fund goalHow I raised $600,000 in funding for my college educationMost people think having kids is the only reason to get life insurance, but I can say from experience they’re wrong

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