From IDBI's path to growth to Maiden Pharmaceuticals' story so far, here's what made the headlines this week
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1) Course correction
IDBI Bank has a rich legacy in the pages of the economic history of India. It has evolved from a development financial institution into a lender, and was then reclassified as a private sector bank in 2019. It has been largely focused on corporate banking, and is now finally up for a strategic sale from its two promoters, LIC and the Government of India. While the bank has turned profitable and provisioned for bad loans, the tricky path to growth and becoming a retail-focused enterprise will present some of the biggest challenges for the new owner.
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2) Looking for Forbes India 30 Under 30, Class of 2023
Disrupting an industry is not easy. Neither is making a name for yourself in a dynamic economy like India's. But achieving all that at a young age—under 30—is no mean feat. We are back again to find these diamonds in the rough and celebrate their exceptional work. Our nomination forms to find the Class of 2023 are now open—if you are an exceptional professional or entrepreneur in one of our 21 categories, send in your nomination before November 30, 2022. Read more
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3) Seeking overhaul
India’s pharmaceutical industry is pegged to be the third largest in the world by volume, worth some $40 billion. The country’s pharmaceutical sector exports to over 200 countries, and accounts for 3.5 percent of the total drugs and medicines exported globally. The country currently has the second-highest number of USFDA-approved plants outside the US and accounts for 60 percent of global vaccine production. On October 5, 2022, New Delhi-headquartered Maiden Pharmaceuticals was accused of selling contaminated products that have been potentially linked to 66 deaths among children in the Gambia. The incident has raised a call for stricter inspection and certification processes. Read more
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