China GDP Slowdown 📉

Monday, July 17th, 2023

Good Afternoon ☕

Looks like China's economic engine missed a few beats, humming a slower tune at a 0.4% GDP growth rate. Even so, it seems that the retail sector decided to dance to a different beat, making an upbeat 3.1% leap in June.

China's GDP growth in the second quarter of 2022 was lower than expected, with an expansion of only 0.4% compared to the same period last year. Analysts had forecasted a growth of 1% for the second quarter. However, there was some positive news in terms of retail sales, which rose by 3.1% in June, recovering from a previous slump. Overall, China's economy is still facing challenges and working towards a stronger recovery.

Important News of the Day

1. Uttarakhand: Ganga breaches danger mark, alert issued in Haridwar

The Ganga river in Uttarakhand, India, has breached the danger mark due to heavy rains and landslides triggered by the rainfall. The river crossed the warning level of 293 meters and reached 293.15 meters in Haridwar. This has prompted an alert to be issued in Haridwar. The heavy release of water from the dam on the Alaknanda river contributed to the Ganga crossing the danger mark in Devprayag and the warning level in Haridwar. Several roads have been blocked by landslides caused by the rains.

2. Pune farmer earns over ₹2.8 crore by selling tomatoes amid soaring prices

A farmer couple in Pune, Maharashtra, has earned over Rs 2.8 crore by selling tomatoes amid a price hike. The couple has set a target to earn Rs 3.5 crore with a stock of around 4000 crates of tomatoes available with them. The farmer earned Rs 2,100 in a day by selling one tomato crate in Narayanganj and on Friday, he sold a total of 900 crates, earning Rs 18 lakh. The farmer has become a millionaire in a month by selling 13000 crates of tomatoes.

3. Retired RBI employees to receive higher pension

Nearly 30,000 retired employees of the Reserve Bank of India (RBI) will receive a 13.56% increase in their pension after a four-year gap. This increase comes after over 91,000 retired employees applied for the higher pension option available under the revised Employees' Provident Fund Organisation (EPFO) provision. The EPFO provision allows for a joint request from both the employee and employer to contribute to a higher salary, resulting in higher pensions. The RBI, as India's central bank, is responsible for regulating the Indian banking system and issues taxable bonds for investments.

4. ‘Retail milk prices may increase 4-5% in FY24’

Retail milk prices in India may increase by 4-5% in the fiscal year 2023-24, according to Pushan Sharma, Director at CRISIL. This comes after a 15% increase in retail milk prices over the past year, the fastest pace in a decade, due to higher fodder prices, a shortage of milch cattle, and a slowdown in productivity in the world's largest milk producer. The increase in milk procurement prices has led to a decline in earnings for dairy processors, and they are expected to increase retail prices by 7% in the next fiscal year to improve margins.

5. Govt defers tariff cut for EU tech goods

The Ministry of Commerce has put its plans to cut tariffs on hold after concerns were raised by the Ministry of Information Technology about the impact on local manufacturing. The decision comes as importers are working off their inventories and hoping for a deal that will suspend the levies. The new legislation raises concerns over national and municipal fiscal issues. In related news, China has halted its purchases of U.S. agricultural products and may impose import tariffs on American farm imports. Additionally, the Indian government is likely to delay tabling the new telecom bill in the monsoon session of parliament.

Breaking News: The Scoop You Can't Miss!

1. G20 leaders’ summit will focus on six critical goals

The G20 Leaders' Summit in 2023 will be held in New Delhi, India, under the theme "One Earth, One Family, One Future". The summit aims to address global challenges such as climate change, sustainable development, and digital transformation. UN Secretary-General António Guterres emphasized the crucial role of the G20 in resolving global crises and called for support in addressing climate change, food and energy crises, and sustainable development. The Indian Presidency will also focus on environmentally sustainable choices and highlight the importance of agriculture, anti-corruption, culture, digital economy, disaster risk reduction, education, and employment. The G20 Summit is an annual event that focuses on macroeconomic issues and global cooperation.

2. EIB may announce 500 million euro funding for renewable energy sector: Report

The European Investment Bank (EIB) is in the final stages of negotiations to announce €500 million in funding for India's renewable energy sector. Earlier this year, the EIB had committed to investing €1 billion in India's green hydrogen sector. The EIB has also confirmed new support for solar power generation in India in partnership with the State Bank of India, with a €200 million long-term loan to support total investment of €650 million in five different large-scale photo-voltaic solar power projects. The EIB has been actively contributing to India's efforts towards climate action and promotion of renewable energy.

3. Telecom bill may not make it to monsoon session as talks continue

The Indian government is unlikely to table the new telecom bill in the upcoming monsoon session of parliament, as cabinet approval is still awaited. The bill, which will replace three existing laws, was expected to be introduced in the session. The Telecom Regulatory Authority of India is rethinking the regulation of the telecom industry. The government has cleared the fifth draft of the digital data protection bill, which is likely to be introduced in the monsoon session. However, the government is unlikely to bring a bill on a Uniform Civil Code during the session.

4. Centre sets stage for mining reforms

The Indian government plans to ease mining clearances and relax rules for captive mining in India. This move is part of the government's efforts to facilitate the mining industry and promote ease of doing business. The government has taken steps such as extending statutory clearances and approvals to help mine owners during the lockdown. Additionally, there have been reforms announced, including the removal of the distinction between captive and merchant mines. These changes aim to enhance production and efficiency in the mining sector. The mining industry in India is highly regulated, and these reforms are expected to create a more transparent and efficient regime.

5. New collectors drive Indian art market surge, says Christie’s

The Indian art market is experiencing a surge in demand driven by new collectors. Christie's, a renowned auction house, has reported an increase in the Indian art market and attributes it to the growing interest from collectors. This surge in interest is a departure from the past when expatriate Indians were the primary collectors. The article highlights the success of Christie's first art auction in India, where a painting by modern Indian artist Tyeb Mehta was sold for $2.8 million to an online buyer from New York. This indicates the growing global appeal of Indian art. Overall, the Indian art market is witnessing a surge in demand and attracting new collectors, contributing to its growth and maturation.

World News 🌎

• US, India working together to boost investment in energy transition: Yellen

• US heatwave: Record high temperature in California, Florida, Las Vegas

• Pakistan outsources Islamabad Airport to boost forex reserves

• India-Mongolia to commence joint military exercise ‘Nomadic Elephant 2023’

• Pakistan PM Shehbaz says his govt will step down before completing tenure next month

• US: Over 900 flights cancelled, 3,165 delayed due to strong storms, flash floods

• 2024 GOP presidential debate: Republican candidates find creative ways to boost donor numbers

• Pakistan: Hindus’ 150-year-old Mari Mata Temple in Karachi demolished

• Russia has a sufficient stockpile of cluster bomb reserves and..’, says Putin

• Pakistan lost $8.3 bn in remittances, exports in FY23 amid IMF bailout bid

Hashtag of the Day#️⃣

#PunjabFloods: Punjab and Haryana experienced heavy rainfall for the third consecutive day, resulting in widespread flooding and the need for rescue operations. The Punjab government decided to close schools until July 19 due to the ongoing situation.

The meteorological department reported continuous rain in various parts of Punjab and Haryana since morning. Chandigarh also witnessed record-breaking rainfall, causing some roads to be filled with water.

Punjab Chief Minister Bhagwant Mann reassured the public not to panic, acknowledging that heavy rains had caused flooding in some areas. He tweeted in Punjabi, expressing solidarity with the affected people and ensuring necessary assistance.

The safety of students prompted the government to immediately close all schools until July 19. Initially, schools were closed in the severely affected districts of Punjab and Haryana.

Mohali, Patiala, Rupnagar, Fatehgarh Sahib, Panchkula, and Ambala were among the worst-hit districts in both states.

Haryana Chief Minister Manohar Lal Khattar canceled his scheduled programs for the day and called for an emergency meeting with senior officials to assess the situation. He later held a video-conference meeting with deputy commissioners and also communicated with Himachal Pradesh's Chief Minister to ensure the safety of stranded Haryana residents. Rescue operations were conducted in various locations as floodwaters entered residential areas. The Haryana government issued an advisory urging the public to exercise caution and only go out when necessary.

Fields in Punjab and parts of Haryana were submerged, resulting in damage to crops. Areas near the Sutlej and Ghaggar rivers were inundated, causing water to enter houses and necessitating evacuations. Heavy monsoon rainfall continued to cause traffic congestion on major roads in both states.

In Patiala, floodwaters entered the Rajpura Thermal Power Plant, forcing the shutdown of one of its units. The Punjab government requested additional assistance from the Army to deal with the escalating crisis. The National Disaster Response Force (NDRF) and State Disaster Response Force (SDRF) were deployed in some areas of Punjab and Haryana.

In Ambala, a high alert was issued due to overflowing rivers and canals, prompting authorities to seek assistance from the Army and NDRF. Several areas in Ambala were waterlogged, including the deputy commissioner's office, which led officials to operate from alternative locations.

Due to heavy rains, the water level of the Yamuna river at Hathini Kund Barrage continued to rise, leading authorities to advise people in low-lying areas to stay away from the riverbank. A significant amount of water was discharged from the barrage.

In Rupnagar, Siswan Nadi breached near Kamalpur. Rainfall affected various regions, including Chandigarh, Panchkula, Yamunanagar, Ambala, Karnal, Kurukshetra in Haryana, and Fatehgarh Sahib, Mohali, Rupnagar, and Patiala in Punjab. To manage the water levels, two floodgates were opened at the Sukhna Lake due to incessant rains in the catchment areas.