India Sees Fastest Quarterly Growth in Two Years Despite Rupee Decline. India’s GDP grew by 8.2% in the three months to June, compared with a 5.5% rise in the same quarter last year, reinforcing India as one of the fastest growing economies. This comes as the Rupee fell by 3.6% in August – its steepest decline since August 2015 and its fifth straight month of falls.
Supreme Court Passes Landmark Same-Sex Judgment. India’s Supreme Court passed judgment decriminalizing same-sex intercourse amidst a robust campaign by gay rights activists.
India Launches One of the World’s Largest Health Insurance Programmes. The Indian government launched one of the world’s largest publicly funded health insurance scheme, set to cover c.500 million people in low-income segments. Experts praised the programme but also said it should have included primary healthcare instead of just secondary and tertiary care.
US Imposes Biggest Round of Tariffs Yet on China. The US imposed tariffs on a further $200bn ($152bn) worth of Chinese products, in response to what it says are unfair trading practices by China. China has retaliated with tariffs on $60bn of US goods. Analysts believe China may force its currency lower to boost exports.
Hong Kong Bans Pro-Independence Party. Hong Kong has banned the HKNP – a political party promoting independence from China, a first for the autonomous city since it returned to Chinese rule in 1997. The HKNP is one of a handful of groups that openly advocate independence for Hong Kong.
Typhoon Mangkhut Hits Hong Kong and Southern China. After hitting the Philippines, Typhoon Mangkhut lashed Hong Kong and Macau before moving across the southern coast of China. According to state media, more than 2.4 million people were evacuated in southern China’s Guangdong province to flee the typhoon.