Moneycontrol Selects: Top stories this evening

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Here is a collection of the most important stories this evening:

World Bank downgrades India's economic growth forecast to 6.5% for FY23

The World Bank on Thursday projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment.

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India vows action if cough syrup proved to be behind Gambia deaths

India is testing samples of cough syrups produced by Maiden Pharmaceuticals after the World Health Organization said its products were linked to the deaths of dozens of children in Gambia, a government official said on Thursday. "Samples have been sent to a central pharmaceutical laboratory for testing," Anil Vij, the health minister of Haryana state where Maiden has its factories, told reporters. "Strict action will be taken if anything is found wrong."

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SEBI issues winding up order against Brickwork Ratings

SEBI, on October 6, issued winding up order against Brickwork Ratings citing "failure to exercise proper skill, care and diligence, while discharging its duties as a credit rating agency".

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French author Annie Ernaux wins Nobel Prize in Literature 2022

French author Annie Ernaux has won the Nobel Prize in Literature. The official Twitter handle of The Nobel Prize announced: "The 2022 Nobel Prize in Literature is awarded to the French author Annie Ernaux 'for the courage and clinical acuity with which she uncovers the roots, estrangements and collective restraints of personal memory'."

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RBI introduces Internal Ombudsman mechanism for Credit Information Companies

The Reserve Bank of India (RBI) on October 6 introduced the Internal Ombudsman mechanism for Credit Information Companies (CICs). Under the mechanism, all complaints that are partly or wholly rejected by CICs will be reviewed by the IO before the final decision of the CIC is conveyed to the complainant. The IO will not entertain any complaints directly from the members of the public.

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Tremendous opportunity to support India's capital, advisory needs: Citi's investment bank chief Manolo Falco

Citigroup's Global Co-Head of Banking, Capital Markets, and Advisory Manolo Falco believes that there is tremendous opportunity to support India's capital and advisory needs. In an interview with news agency ANI, Falco said that now, multinationals are starting to see India as a global manufacturing base, which will positively impact small- and mid-sized businesses. Speaking about India now being the 5th largest economy in the world, surpassing the UK, the banking expert said that fiscal prudence and discipline, development of physical infrastructure, ease of doing business, and UPI, among many others, support the country's growth.

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Bima Sugam may make policy buying easier, cut commissions
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to set up an online platform or marketplace for selling all kinds of insurance products. Tentatively called 'Bima Sugam', the digital platform, backed by the regulator, the Life Insurance Council and General Insurance Council, will allow individuals to buy policies directly from insurance companies of their choice.

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Electronics Mart India IPO enjoys around 60% premium in grey market

Electronics Mart India Ltd's initial public offer (IPO) is seeing strong demand in the grey market as the trading premium has hit higher double-digits since the announcement of the price band last week. The Rs 500-crore issue opened for bidding on October 4 and will close on October 7.

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