China’s GDP Growth Slows Down in June
China’s economic growth slowed to 7.9% QoQ in the June quarter. It had reported an explosive growth of 18.3% in the previous quarter. Despite the slowdown QoQ, the growth was still robust in June on a YoY basis. China's economy had shrunk by 6.8% in the same quarter last year due to the pandemic.
China's staggering growth rate in the March quarter was helped by the lower base of last year when economic activities had reduced almost to nil. The growing number in April-June quarter appears pale in comparison. However, at 7.9%, it is much more realistic and in proximity to the average growth rate of China.
Increasing Power Consumption
India's power consumption grew nearly 17% in the first fortnight of July. It has not only grown on a YoY basis but also returned to pre-pandemic levels. Power consumption was at 59.36 billion units in June 2020 as against 52.89 BU in the same period during July 2019.
Power consumption inched up as the industrial activities gathered momentum. Delayed monsoon also played its part in the recovery of power demand surge during the first fortnight of June.
Is The Third Wave Imminent?
The central government has asked the states to be prepared for the next COVID-19 wave and intensify preparations for the same. Since children are the most vulnerable to the third wave, all districts are asked to make special arrangements, like setting up a 50-100 bedded facility at the district level to contain the number of cases.
The central government also allotted Rs 23,000 crore last week to build up new pediatric and other healthcare facilities to tackle the emergence of the third wave in the coming months.
