Top headlines: Growth forecast, Maiden Pharma cough syrup issue, and more

World Bank slashes India’s economic growth forecast to 6.5% for FY23

The World Bank on Thursday slashed its growth estimate for India by one percentage point to 6.5 per cent for FY23, citing the blowback of the Russia-Ukraine war and ongoing global monetary policy tightening. Read More

Sebi cancels certificate of registration granted to Brickwork Ratings

Sebi on Thursday cancelled the recognition certificate granted to Brickwork Ratings India, one of the seven registered credit rating agencies (CRAs) in the country, for “repeated lapses” and irregularities in “discharging its duties”. Read More

Finance Ministry cuts August 2022 spend: Efficiency or compression?

Even as the Centre faces a much higher spending burden than it did last year, especially on food and fertiliser subsidies, the Union Ministry of Finance’s Expenditure Department seems to have held back spending in August. Read More

Relief for directors of retail firms as govt amends Legal Metrology rules

In a major relief to board members of retail companies and manufacturers of packaged goods, the government has amended the Legal Metrology (General) Rules, 2011, removing the mandatory clause of holding its nominated directors accountable for any violation under the rules. Read More

Maiden Pharma’s cough syrups, under WHO scanner, not sold in India: Sources

Delhi-based Maiden Pharmaceuticals, whose cough syrups have come under the scanner of the World Health Organization and the Indian regulator for contamination and linked to the deaths of 66 children in the West African country of Gambia, does not market these products in India, trade sources said. Rajiv Singhal, general secretary of the All India Organisation of Chemists & Druggists (AIOCD), said the body had reached out to the company, which stated this. Read More