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BRICS Without Straw

• Beijing’s domineering drive to enlarge the BRICS group as a counterweight to the G7 is rooted primarily in the CCP’s need to internationally promote its autocratic governance model. That aids the domestic justification while, paradoxically, Xi Jinping’s policies turn China increasingly inward.

By Alastair Newton

India PMI manufacturing 58.6 (consensus 57.5) in Aug-23

- India's manufacturing PMI in August 2023 increased to 58.6, the highest level since May 2023, indicating robust expansion in the sector contrary to expectations for a slowing to 57.5.
- The PMI reading surpasses the one-year average by 1.85 points, highlighting the strength of the current manufacturing boom in India.

India GDP growth 7.82% y-o-y (consensus 7.7%) in Q2-23

- India's GDP growth rate in Q2-23 reached 7.82% y-o-y, marking the highest growth rate since Q2-22 while surpassing the previous quarter's growth and the consensus for 7.7%.
- The Q2-23 growth rate exceeded both the one-year average and the long-run average, indicating a robust expansion in India's economy.

India CPI inflation 7.44% y-o-y (consensus 6.4) in Jul-23

- India's CPI inflation rate surged to 7.44% y-o-y in July 2023, exceeding the consensus estimate of 6.4% and marking the highest level since April 2022.
- The substantial deviation of 1.38 percentage points above the one-year average and 0.14 percentage points above the long-run average indicates a significant departure from the historical pattern.