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Gemini Row: MoS IT Slams Google; Startups Raise Concern Over MeitY Advisory On AI

Inc42Inc42 · 1y ago
Gemini Row: MoS IT Slams Google; Startups Raise Concern Over MeitY Advisory On AI
Medial

The Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, expressed dissatisfaction with Google's response to the controversy surrounding its AI chatbot. The chatbot came under scrutiny for its answer to a question about Prime Minister Narendra Modi, which was viewed as violating the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. Chandrasekhar emphasized that "unreliable" platforms and algorithms cannot be used to experiment on citizens. Subsequently, the Ministry of Electronics and Information Technology issued an advisory mandating digital platforms to seek prior approval before launching AI products. Chandrasekhar clarified that the advisory only applies to larger companies, not startups.

Google’s AI Chatbot Gemini Faces IT Ministry’s Ire Over Responses On PM Modi

Inc42Inc42 · 1y ago
Google’s AI Chatbot Gemini Faces IT Ministry’s Ire Over Responses On PM Modi
Medial

The Indian Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, has accused Google's chatbot, Gemini, of violating IT rules by providing questionable responses about Prime Minister Narendra Modi. The minister cited violations of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. The controversy emerges as the Indian government plans to introduce regulations to govern the AI sector. This incident highlights concerns over the misuse of AI and the need for oversight and regulations to address potential risks and harms. It also adds to the growing tensions between Indian authorities and social media platforms.

Govt notifies uniform marketing code for medical devices sector

YourStoryYourStory · 11m ago
Govt notifies uniform marketing code for medical devices sector
Medial

The Indian government has issued a notification to establish a uniform code for marketing practices in the medical device industry. This move aims to prevent unethical practices within the industry. Under the code, medical devices associations are prohibited from organizing workshops abroad for healthcare professionals, offering them hotel stays or grants. Associations are required to form ethics committees for marketing practices, disclose information related to distribution of evaluation samples, and expenses incurred on conferences and workshops. The code also prohibits the promotion of medical devices prior to regulatory approval and restricts the provision of gifts or personal benefits to healthcare professionals or their families by medical device companies.

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%

EntrackrEntrackr · 5m ago
Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%
Medial

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59% Monk Entertainment, co-founded by YouTuber Ranveer Allahbadia (BeerBiceps) and Viraj Seth, has capitalized on this trend, generating Rs 100 crore in revenue in the last fiscal year. Monk Entertainment’s revenue from operations recorded a modest 2.2% growth to Rs 97.8 crore in FY24 from Rs 95.8 crore in FY23, its annual financial statements filed with the Registrar of Companies (RoC) show. Monk-E, a full-stack creative digital media agency, specializes in talent management, video production, social media management, and influencer marketing. In FY24, the company generated 86.6% of its revenue from India, with the rest coming from international markets. On the cost side, influencer marketing charges made up 84% of the total expenses, though the cost dipped 2% year-on-year to Rs 77.4 crore in FY24 from Rs 79 crore in FY23. Meanwhile, employee benefit expenses grew 38% to Rs 7.7 crore during the same period. Out of the total influencer marketing charges, Allahbadia and his venture BeerBiceps Media received Rs 7.77 crore for providing technical services to Monk-E. Commission, legal fees, rent, advertising, and other overheads pushed Monk-E's total costs to Rs 92 crore in FY24. Monk-E recorded a 58.9% year-on-year profit increase, with profits rising to Rs 7.23 crore in FY24 from Rs 4.55 crore in FY23. Its ROCE stood at 35.4%, while the EBITDA margin reached 7.86%. On a unit level, the company spent Re 0.94 to earn a rupee. By the end of FY24, Monk-E's total current assets were reported at Rs 28.46 crore, including Rs 5.5 crore in cash and bank balances. While it's probably too early to speculate about the impact on the firm from Allahbadia’s recent controversy, the scale of Monk-E shows how much is at stake. It is crucial for viewers to apply better discretion before believing everything they see and hear from these new-age channels.

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