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What does mean in context of the equation

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    $\begingroup$ It denotes the Indicator Function en.m.wikipedia.org/wiki/Indicator_function, in your example it returns 1 when $y_i$ equals $y$ and zero otherwise. $\endgroup$ – xboard Sep 28 '19 at 0:32
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    $\begingroup$ ... with the LaTex code \mathbb{I} giving $\mathbb{I}$ rather than \pi giving $\pi$ $\endgroup$ – Henry Sep 28 '19 at 0:43
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The indicator function $\mathbb{I}(y_i =y)$ takes the value 1 when $y_i =y$ and takes the value 0 otherwise.

It's not a $\Pi$ symbol: you can typeset it using blackboard style: \mathbb{I}.

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