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Manipur and the
Punjab’s recent internet outages have had a devastating impact on India’s
economy. The shutdowns cost the economy around $1.9 billion, led to the loss of
roughly $118 million in foreign investment, and accounted for the loss of about
21,268 jobs. These startling numbers demonstrate the perilous effect that
internet blackouts have on India’s economy. The Net Loss calculator created by
the Internet Society predicts that by 2023, India would have a significant
shutdown risk, reaching 16 percent, due to its frequent usage of such shutdowns
to maintain public order.Read Also this: Live Mumbai Rain Report: Two Killed in Palghar, Cars Damaged in Thane, and Numerous Areas Flooded

The goal of the Net Loss
calculator, which is housed on The Internet Society’s Pulse Platform, is to
determine the global economic impact of internet outages. According to the
tool, India faces one of the greatest shutdown risks in the world. India could
be hindering its own economic de

Governor of the Reserve
Bank of India Shaktikanta Das stated on Wednesday that despite increased
uncertainty and strong headwinds, the Indian economy has made a robust recovery
and remains one of the fastest-growing large economies. He stated that stability
in finances is non-negotiable and that all parties involved in the financial
system must always work to maintain it.Read also this: Industrial profits in China drop, prompting calls for economic reform.

“The Reserve Bank,
as well as other financial regulatory agencies, remains firm in their
determination to preserve financial stability amid potential and growing
challenges,” he stated in the Financial Stability Report (FSR)
foreword.

He said that in the
current unstable international environment, policymakers everywhere should
prioritize maintaining macroeconomic and financial stability, restoring public
faith in the economy, and promoting sustainable growth.

Over the past three
years, the global economy ha

According
to Yasin Tadvi, the head of the disaster management cell for the Thane
Municipal Corporation, the city of Thane got a total of 200.08 millimetres of
rainfall in the period of 24 hours that ended at 8.30 in the morning on
Thursday. Several residences in low-lying areas, as well as the Dombivli police
station in Manpada, were flooded, according to the district’s disaster control
centre.Read also this: Industrial profits in China drop, prompting calls for economic reform.Additionally, some offices reported leaks due to the intense rain. A
video of the flooded police station quickly gained traction across several
social media platforms. In Thane city, firefighters and crisis management cell
teams were on their feet as they responded to numerous complaints about
flooding and tree falls. Six or more automobiles were damaged as a consequence
of these incidents.OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated wi

Reuters stated that
China’s industrial firms have seen a steady decrease in annual profits, adding
weight to the argument that the country needs more policy support as it
attempts to bounce back economically from the COVID crisis. A year-over-year
drop of 18.8 percent in profits was seen throughout the first five months of
the year, on top of the 20.6 percent drop seen from January through April. Read also this: India will lift its countermeasure Tariffs on eight American items.

The National Bureau of
Statistics (NBS) provided these numbers to emphasize the overall weakness of
the economy, which is shown in the decline of retail sales, exports, and
investment in property. The youth unemployment rate also hit a worrying high of
20.8%.

According to Reuters,
Wu Chaoming, deputy director of the Chasing International Economic Institute,
said that more governmental measures are needed to help suffering enterprises
because of the slow rebound in industrial profitability. Th

According to government
sources, India will lift the additional levies it placed on eight US imports in
2019 in retaliation for the United States’ decision to boost tariffs on select
steel and aluminum products. The United States and India agreed to end six
World Trade Organisation (WTO) issues and lift the tariffs on some American
goods during Prime Minister Narendra Modi’s recent state visit.

The United States
increased the import tariff on steel products by 25% in 2018 and on aluminum
products by 10% for reasons of national security. In June of 2019, India
retaliated with tariffs on 28 U.S. goods.Read also this: Joe Biden believes the U.S. economy can prevent a recession.

According to government
sources, India will lift the additional levies it placed on eight US imports in
2019 in retaliation for the United States’ decision to boost tariffs on select
steel and aluminum products. The United States and India agreed to end six
World Trade Organisation (WTO) issues a

Joe Biden, the
president, stated to donors that he believes the United States will
prevent a possible recession that economists and banks previously forecast.

Economists have
predicted that a recession will begin next month, Biden said during a
fundraiser in the Maryland suburbs of Washington on Tuesday evening.Read also this: Prime Minister launches five new Vande Bharat trains to improve utilities.

“It has been
expected for eleven months, and guess what? I don’t believe it will
occur,” he added, citing the robust labour market and his efforts to curb
inflation.

The
latest housing, manufacturing, and consumer confidence data have
outperformed expectations, indicating a robust economy. Tuesday’s reports
indicated that new home sales increased at the quickest annual rate in more
than a year, durable goods orders exceeded expectations, and consumer
confidence reached the highest level since the beginning of 2022.

Although the data do
not rule out the possibili

Prime Minister Narendra
Modi launched five Vande Bharat trains on Tuesday to enhance connectivity in
six major cities across the nation.

The Prime Minister
launched two physically and three virtually five
semi-high-speed trains bound for Madhya Pradesh, Karnataka, Maharashtra,
Goa, Bihar, and Jharkhand from the Rani Kamlapati railway station in Bhopal.Read also this: In January–March, India’s current account balance presumably turned positive, marking the first quarterly surplus.

Railway minister
Ashwini Vaishnaw, Madhya Pradesh chief minister Shivraj Singh Chouhan, Governor
Mangubhai Patel, and Union ministers Narendra Singh Tomar and Jyotiraditya
Scindia, among others, were present at the ceremony.

These trains will boost
connectivity in states such as Madhya Pradesh, Karnataka, Maharashtra, Goa,
Bihar, and Jharkhand.

Tuesday marked the
first time that several Vande Bharat trains were inaugurated in a single day.
The two of them are for Madhya Pradesh, In

For years, China’s economy has been rapidly expanding,
becoming the world’s second-largest economy. Their economic growth was nothing
short of astonishing – double-digit GDP growth year after year. However, the
recent numbers tell a different story. The Chinese economy is facing
significant challenges due to a combination of factors. Read also this:  India is APAC’s fastest-growing Economy, according to S&P

Decline in Exports

One of the major struggles is a decline in exports.
China has been heavily reliant on exports for economic growth, but as global
demand has weakened, their export figures have fallen. In May, Chinese exports
were down 7.5% year-over-year. This decline in
exports is hurting Chinese businesses, which are struggling to maintain their
profit margins. The trade wars with the United States and other countries have
contributed to this decline, further intensifying the situation.

Demand for Chinese goods has declined due to rising global prices, the

An increase in services
exports and a decline in the trade deficit led to a positive current account
balance for India in the first quarter of 2019, according to a survey by
Reuters.

In the final quarter of
the 2022/23 fiscal year, the current account balance is projected to have
posted a surplus of $3.3 billion, or 0.4% of gross domestic product (GDP),
according to the latest survey of 22 economists.Read also this: India is APAC’s fastest-growing Economy, according to S&P

That would represent a
substantial improvement over the previous quarter’s deficit of $18.2 billion,
or 2.2% of GDP. From a deficit of $5.0 billion to a surplus of $7.8 billion,
forecasts varied widely.

While we anticipate the
merchandise trade deficit to shrink due to easing global commodity prices, the
invisible trade balance should remain stable at the same level as the
previous quarter due to an increase in services exports, according to Upasana
Chachra, the chief India economist at Morgan