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Generative AI to transform legal tech market with automation

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New Delhi, April 27 (IANS) Generative AI (GenAI) has tremendous potential for bringing more automation to the global legal technology sector that is likely to reach $50 billion (in value) by 2027, albeit with some riders.

According to Gartner, there has been key growth in technology adoption for spend management, e-billing, contract lifecycle management, legal matter management and legal document management.

Incorporating GenAI into these applications will only accelerate purchasing and adoption, said the report.

Chris Audet, Chief of Research for legal, risk and compliance leaders’ practice, said that the widespread availability of consumer tools such as OpenAI’s ChatGPT and Google’s Bard, will quickly increase the number of established legal technology use cases.

According to the report, lawyers also need to understand the limitations and risks of using GenAI as well as its potential.

It is essential to check the output of GenAI. It is not a suitable technology at this stage to complete tasks without review, the report advised.

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“As various business functions pursue automation, legal leaders may find themselves facing some tough questions from senior leadership if they haven’t evaluated its potential in the legal department,” Audet noted.

According to the report, new technologies can fundamentally change the way legal organisations perform business and GenAI has the potential to help.

–IANS

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CERT-In finds multiple bugs in 'Golang Go' that affect IBM's data management software

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New Delhi, June 22 (IANS) The Indian Computer Emergency Response Team (CERT-In), which comes under the Ministry of Electronics & Information Technology, has warned users of multiple vulnerabilities in the ‘Golang Go’ programming language affecting IBM Storage Copy Data Management software.

As per the CERT-In advisory, the multiple vulnerabilities — ‘arbitrary code execution vulnerability’ and ‘denial of service vulnerability’ — could allow an attacker to execute arbitrary code or cause a denial of service condition on the targeted system.

The arbitrary code execution vulnerability exists in IBM software due to a flaw in Golang Go during the build on Darwin.

“An attacker could exploit this vulnerability by building a specially crafted Go module. Successful exploitation of this vulnerability could allow an attacker to execute arbitrary code on the targeted system,” the cyber agency said.

On the other hand, the denial of service vulnerability exists in IBM Storage Copy Data Management due to a flaw in Golang Go which causes high CPU usage in the ‘extractExtendedRCode’ function in the net module.

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“A remote attacker could exploit this vulnerability by sending a specially crafted DNS message in response to a query,” the advisory mentioned.

Successful exploitation of this vulnerability could allow an attacker to cause a denial of service condition on the targeted system.

CERT-In has suggested users apply appropriate fix/patches as recommended by the company.

–IANS

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Govt initiatives played vital role in creating jobs for people in private sector: Economist

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New Delhi, June 22 (IANS) Government initiatives such as Startup India, Make in India, New Education Policy, and others have played an important role in creating employment for people in private sector on such a large scale, Vivek Singh, Professor at NMIMS University, Economist and Political Analyst, said on Saturday.

According to HSBC’s flash Purchasing Managers’ Index (PMI) data, output growth across India’s private sector regained growth in June with business activity increasing at quicker rates among manufacturing companies and services firms while hiring of workers shot up to an 18-year high.

“It is a matter of great happiness that the record has been broken in the last 18 years and the private sector has done the most job creation in the month of June 2024,” Singh told IANS.

The final manufacturing, services and composite PMI figure grew by 0.4 percentage points to 60.9 in June, compared to a downward revised figure of 60.5 in May.

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“Increased business activities and growth in sales have had an impact that so many jobs have been created in the private sector,” said Singh.

Maitreyi Das, Global Economist at HSBC, stated that the composite flash PMI ticked up in June, supported by rises in both the manufacturing and service sectors, with the former recording a faster pace of growth.

–IANS

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New Telecom Act: Centre can take control of telecom networks during emergency

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New Delhi, June 22 (IANS) The Centre on Saturday introduced the new Telecommunications Act, 2023 that will usher in the new era of connectivity from June 26, replacing century-old colonial laws.

The Section 20 of the ‘Telecommunications Act 2023’ stated that the central government of a state government will be able to take control of any telecommunications services or networks in times of emergency after the implementation of the Act.

On the occurrence of any public emergency, including disaster management, or in the interest of public safety, “the Central Government or a State Government or any officer specially authorised in this behalf by the Central Government or a State Government can take temporary possession of any telecommunication service or telecommunication network from an authorised entity; or provide for appropriate mechanisms to ensure that messages of a user or group of users authorised for response and recovery during a public emergency are routed on priority,” according to the Sector 20 of the Act.

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Any telecom player who wants to establish or operate telecommunication networks, provide services or possess ratio equipment will have to be authorised by the government.

“The Telecommunications Act, 2023 aims to amend and consolidate the law relating to development, expansion and operation of telecommunication services and telecommunication networks; assignment of spectrum and for matters connected therewith,” said the Department of Communication (DoT)

The Telecommunications Act, 2023 seeks to repeal existing legislative frameworks like Indian Telegraph Act, 1885 and Indian Wireless Telegraph Act, 1933 owing to huge technical advancements in the telecom sector and technologies.

The Act also provides measures for protection of users from unsolicited commercial communication and creates a grievance redressal mechanism.

When it comes to the Right of Way (RoW) framework, public entities shall be obligated to provide right of way except in special circumstances.

“The fee for right of way would be subject to a ceiling. The Act provides a complete framework for RoW in respect of private property based on mutual agreement. The Act also provides that the RoW to be granted shall be non-discriminatory and as far as practicable on a non-exclusive basis,” said the DoT.

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It also provides that telecommunication infrastructure shall be distinct from the property it is installed on. This will help reduce the disputes when property is sold or leased.

In line with Prime Minister Narendra Modi’s ‘Gati Shakti’ vision, the law provides for the central government to establish common ducts and cable corridors.

“To ensure national security and promote India’s technology developers, the Act lays down powers to set standards and conformity assessment measures for telecommunication services, telecommunication networks, telecommunication security, etc,” the DoT said.

–IANS

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Amitabh Kant highlights urgent need to improve urban air quality

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New Delhi, June 22 (IANS) G20 Sherpa and former NITI Aayog CEO Amitabh Kant on Saturday highlighted the urgent need for improving urban air quality and advocated for a nationwide shift to electric vehicles (EVs) by 2030.

Speaking with NDTV on enhancing India’s urban sustainability and resilience, Kant emphasised the critical need to tackle urban air quality, noting that 42 cities in India rank among the world’s most polluted.

In addition, he advocated for a nationwide shift to EVs by 2030, citing their economic viability and increasing consumer demand.

“We need to focus on transportation in a very big way and ensure that these cities all go electric by 2030,” G20 Sherpa said.

“The priority should be that in the next four to five years, two-wheelers, three-wheelers, and buses all go electric in the next five years and by 2030 even all four-wheelers go electric,” he added.

Kant also mentioned that the government has already taken the initiative to procure 10,000 buses.

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“They have allocated about Rs 57,000 crore, which is almost $7 billion. It’s one of the biggest programmes of the government,” he said.

The former NITI Aayog CEO also applauded India’s progress in renewable energy, having exceeded COP21 targets with 200 gigawatts already generated.

–IANS

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Foreign portfolio investors bullish on Indian markets, pumps Rs 23,786 crore since June 10

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New Delhi, June 22 (IANS) Buoyed by the policy and reform continuity, foreign portfolio investors (FPIs) have altered their position in the equity market following the election results, injecting Rs 23,786 crore since June 10, industry analysts said on Saturday.

There are three primary reasons for this positive inflow.

“First, the continuity of the government assures ongoing reforms. Second, the Chinese economy is decelerating, as evidenced by a 12 per cent decline in copper prices over the past month,” said Sunil Damania, Chief Investment Officer, MojoPMS.

Third, certain block deals in the market have been eagerly taken up by FPIs.

“However, these FPI inflows are concentrated in a select few stocks rather than being widespread across the market or sectors,” Damania said.

Till June, FPIs sold equity for Rs 11,193 crore.

According to market experts, it is interesting to note that this net sell figure is composed of selling through the exchanges for Rs 45,794 crore and buying through the “primary market and others” for Rs 34,600 crore.

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FPIs are selling where valuations are high and buying where valuations are reasonable.

Analysts believe that FPI inflows will remain constrained due to the high valuations currently commanded by the Indian equity market.

Meanwhile, the Indian market initially continued its upward trend as concerns over election outcomes eased and global sentiment improved.

With a coalition government in place, there is optimism that the upcoming budget will strike a balance between growth initiatives and populist measures, they noted.

–IANS

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