China manufacturing sinks again in July as US trade talks stall
Advt
Advt
Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox.
Get updates on your preferred social platform Follow us for the latest news, insider access to events and more.
China's factory output shrank more than expected in July, official data showed on Thursday, logging its fourth straight month of contraction as Beijing battles to hammer out a trade deal with the United States.The Purchasing Managers' Index -- a key measure of industrial output -- came in at 49.3, the National Bureau of Statistics (NBS) said, down from 49.7 in June and significantly off the 50-point mark separating growth and contraction.A Bloomberg analysts' poll had forecast the index would be the same as in June."The manufacturing sector's business climate sank lower compared to the previous month," NBS statistician Zhao Qinghe said.The decline was "driven by factors such as the industry's traditional slack period as well as high temperatures, heavy rains and floods in some areas", Zhao said.China has struggled to maintain a strong economic recovery since the pandemic, as it fights a debt crisis in the crucial property sector, chronically low consumption and elevated youth unemployment.A spate of natural disasters has also hit the country this summer, with at least 48 people killed and tens of thousands evacuated this week as northern China endured some of its worst floods in years."While the statistics bureau partly attributed the decline to weather-related disruptions to production, the breakdown suggests that demand has softened too," Zichun Huang, China economist at Capital Economics, said."The new export orders index dropped back as high tariffs began to weigh again," Huang added."More of the current weakness in demand appears to be domestic in nature," she said.China's bruising trade war with the United States -- now on hold pending a deal -- has hit the export-dependent economy.Beijing and Washington called a 90-day truce on the staggeringly high duties in May, and held two days of talks this week aimed at avoiding their reimposition on August 12.Despite signs that both sides want to extend that deadline, the negotiations ended without an agreement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
a few seconds ago
- Hindustan Times
Mumbai leads in high loading factor: Homebuyers get less space but more amenities, here's what you should know
When purchasing an apartment, especially in the luxury and premium segments, homebuyers in Mumbai are now paying more for expanding amenities, even as the livable private space shrinks. The financial capital tops the list in terms of the share of common areas in high-rises. Real estate experts say developers are increasingly adding common amenities like gyms, pools, lounges, and enhanced fire-safety features to cater to rising buyer expectations. (Picture for representational purposes only) (Pixabay) The average loading factor for residential buildings delivered in 2025 is 43%. This means that for a home advertised as 1,000 sq ft, only 570 sq ft is the actual usable (carpet) area, while the remaining 430 sq ft is allocated to shared spaces, a report has said. According to the Anarock report, MMR continues to see the highest loading among the top 7 cities, with 43% in Q1 2025. The region has seen the average loading percentage grow steadily over the years, from 33% in 2019 to 39% in 2022 and 43% in Q1 2025. Most luxury and premium real estate projects often boast of expansive clubhouses with restaurants, lounges, reception areas, and other high-end amenities that enhance lifestyle appeal. However, these features also come with a hidden cost, a higher loading factor, which ultimately inflates the total price paid by homebuyers, say real estate experts. Real estate experts say developers are increasingly adding common amenities like gyms, pools, lounges, and enhanced fire-safety features to cater to rising buyer expectations. While these additions improve comfort and resale value, they also reduce the actual usable area within individual apartments. Also Read: Mumbai real estate trends: From ₹1 crore to ₹100 crore, Vastu homes curry favour with young homebuyers As a result, buyers are now paying substantially more for shared spaces in modern residential projects. While the focus on lifestyle upgrades is growing, experts stress the importance of transparent disclosures to ensure buyers clearly understand how much private living space they're actually getting. According to a Bloomberg report, in space-constrained cities like Mumbai, developers are increasingly designing projects with smaller individual units but larger shared spaces such as pools, lawns, and gyms. These communal amenities appeal to buyers and renters willing to pay a premium for comfort, especially in a city grappling with noise, pollution, traffic congestion, and crowded streets while still staying close to work or family. Also Read: Supreme Court order on green clearance paves way for 493 stalled real estate projects in Mumbai and Pune: CREDAI-MCHI While most developers now quote prices based on RERA-defined carpet area, brokers point out that the cost of expansive common amenities is often embedded into the per sq ft rate, effectively passing on the burden of loading to the buyer. A report by real estate consultancy ANAROCK highlights that the loading factor has been rising steadily across India's top cities, driven by growing demand for lifestyle-rich residential projects with modern, shared facilities. Also Read: Why more amenities may mean less space in your new home: What homebuyers should know about the loading factor What is the loading factor? The loading factor is the difference between the super-built-up area and the carpet area of the apartment. A report released by ANAROCK, a real estate consultancy firm in June 2025 had said that the loading factor is the highest in the Mumbai Metropolitan Region (MMR) followed by Bengaluru, and Delhi NCR. 'Q1 2025 data shows that homebuyers in the top seven cities now get only 60% of the total space they pay for an actual liveable area within their apartments. The remaining 40% comprises common areas such as elevators, lobbies, staircases, clubhouses, terraces, and other amenities. Back in 2019, the average loading was around 31%,' Prashant Thakur, Regional Director and Head, Research and Advisory, ANAROCK Group, had said in June 2025.
Time of India
14 minutes ago
- Time of India
Solar rooftop capacity building and gender bias
Nearly 7.1 million solar photovoltaic jobs were created globally in 2023, up sharply from 4.9 million in 2022, registering record annual expansion of 74 per cent (IRENA, 2023). This was due to a drop in panel costs and supportive government policies around the world (Bloomberg, 2024). In India, many supportive schemes were launched such as Kusum for agriculture pumps, Surya Ghar for rooftops, vendor certification and enrolments and many other supportive policies to encourage installation and use of Solar energy together with encouraging policy measures, inclusive of low cost finance and skilling programmes. What is the gender participation rate in this growing renewable energy sector? Let us take the example of Surya Ghar scheme , that aims to provide solar rooftop installations in 10 million households by March 2027, with free electricity up to 300 units every month. It has been estimated that to meet this target, approximately 400,000 full time solar technicians would be required. To this end, the Ministry of New and Renewable Energy (MNRE) has been imparting the solar technical training for installation, operation, maintenance and repairs under the Suryamitra and various other skill development programs. MNRE has partnered with and accredited several training centres across India to carry out the skilling programs for rooftop solar installations across India. Separately, the Prime Minister has also said that in the skilling programmes, the share of women should be at least 20 per cent. The MNRE reported on social media that. as of June 2025, they have trained around 1.6 lakhs youth under various flagship skill development programmes. Of these, during the period 2015-2024, the MNRE set up 426 registered training centres across India and completed the training of 57,371 trainees for rooftop. However, Table 1 shows that more than 94 per cent trained Suryamitra technicians were men, and the majority came from Other Backward Classes. Only 5.8 per cent were women. Such underrepresentation of women is a significant issue as the renewables sector needs to be inclusive and equitable for its own growth. Women represent a huge untapped pool of potential technicians that is essential for the expanding solar industry. If there is one sector, where gender participation should begin, it is the Surya Ghar. Without gender awareness, capacity building and active participation, the scheme may not succeed to reach its target. The scheme needs to enlighten and engage women and children about solar energy. It should not be just about provision of energy. Table 1: Demographics of Suryamitra Trainees TOTALWomenMenTrained Personnel100%5.8%94.2%Scheduled Caste15.4%15.3%15.4%Scheduled Tribe5.7%5.4%5.7%Other Backward Classes45.8%36.2%46.4%General Category30.0%40.7%29.3%Others3.2%2.4%3.2%TOTAL100%100%100% Source: Calculations based on Suryamitra database In terms of jobs placements after completion of the workshop, the gender disparity is stark (Table 2). Out of the total Suryamitra technicians, 45.5 per cent of the males got placed in the solar sector, while the proportion of women getting placed was a mere 1.7 per cent. Few trainees started their own business or went for higher studies, but the numbers are insignificant. There was also a significant proportion whose placement data was not available. Table 2: Job Placements and Training for Suryamitra technicians (% out of total) TrainedTOTALWomenMenPlaced47.2%1.7%45.5%Started own business1.8%0%1.7%Pursued higher studies0.2%0%0.2%Not interested0.1%0%0.1%Not employed34.8%2.3%32.5%No data15.9%1.7%14.2% Source: Calculations based on Suryamitra database This gender gap in capacity building and employment in the solar sector highlights the policy gap that needs to be filled with understanding of the selection process, problems of women and solutions to invite and include them. The underrepresentation excludes women from the socio-economic benefits of the green transition across India, as the gender disparity in both training and employment persists, underscoring that regional reach does not guarantee gender inclusiveness. In turn, it will limit the transition to RE, where a large population is excluded from benefits, participation and rewards. The Surya Ghar scheme requires a gender-responsive structure along with all its components including Suryamitra scheme, where admission, design of the curriculum and other barriers need to be understood. Admission process needs a targeted outreach in schools, colleges, and communities to attract women candidates. Some quota or reservation of a minimum 20 per cente enrolment for women should be set for the MNRE-certified training batches of technicians, along with incentives like stipends, travel support and safety infrastructure. At the same time, the capacity building programs need to promote micro-entrepreneurship models for women in solar maintenance, sales, and community awareness roles, backed by seed capital and mentorship. Most importantly, the vendors in the solar engineering, procurement and construction companies need to be follow inclusive HR policies to hire certified women technicians. The transition to solar energy presents a unique opportunity to embed gender equity into India's green economy. A gender-just solar workforce is not only a moral imperative but a strategic necessity for meeting India's renewable energy ambitions. (The authors are Jyoti Parikh is Executive Director at IRADe and Sudipa Majumdar is Director at IRADe)
Time of India
an hour ago
- Time of India
Explainer: Donald Trump's 50% tariffs - will India budge on Russia crude oil trade?
India is the world's third-largest oil consumer, and has significantly stepped up its procurement of Russian crude oil. (AI image) US President Donald Trump , through his 25% additional tariffs on India for its Russia crude oil trade, wants to put pressure on Vladimir Putin to end the war with Ukraine - feel experts. But with its tariff rate doubled to 50%, where does Trump's move to indirectly target Russia leave India? India is the world's third-largest oil consumer, and has significantly stepped up its procurement of Russian crude oil since the start of the Russia-Ukraine war - attributable to the huge discounts on offer. But Trump's move to impose double tariffs on Indian imports, aimed at penalising continued Russian oil purchases, creates challenges for India, and its refining sector. Will India budge on Russia crude oil trade? This situation presents a complex challenge for Prime Minister Narendra Modi - he has to keep India's crude oil import bill under check, and also maintain diplomatic balance in India's ties with Russia and the US, especially during times of global instability. However, the US pressure is unlikely to cause a fundamental shift in India's policy stance. Also Read | Donald Trump's 25% additional tariff on India: What are 'secondary tariffs' and how do they differ from 'secondary sanctions'? Explained According to a Bloomberg report, the decision presents a difficult choice: acquiescing to US pressure could endanger India's long established relationship with Russia, which is more than just about oil trade and forfeit the economic benefits currently enjoyed. Conversely, maintaining Russian oil purchases, as suggested by Modi's resolute stance and domestic considerations, risks direct economic consequences and strained relations with the US which is India's biggest trading partner, potentially resulting in losses that may outweigh the benefits. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Huge crater swallows land. At the bottom, police find something that leaves them speechless. Plays Star Undo Indian exports uncompetitive after 50% US tariff Prime Minister Narendra Modi delivered a subtle message to Trump on Thursday, asserting that India's stance on protecting its agricultural, fishing and dairy sectors remains firm, indicating his readiness to accept personal consequences if required. "Hamare liye apne kisaanon ka hit sarvoch prathamikta hai. Bharat apne kisaanon, pashu-paalakon aur macchuaare bhai-bahanon ke hiton ke saath kabhi bhi samjhuata nahin karega. (For us, the interests of farmers are our top priority. India will never compromise on the interests of its farmers, dairy farmers and fishermen)," Modi said. "Main jaanta hoon ki vyaktigat roop se mujhe bahut badi keemat chukaanee padegi. Lekin main iske liye taiyaar hoon. (I know that I will personally have to pay a heavy price. But I am ready for it)," Modi said. The current oil market conditions and diminishing discounts on Russia's primary Urals crude theoretically provide Modi an opportunity to gradually reduce dependency on Russian oil imports, which have significantly increased since 2022. However, the practical implementation faces challenges as the opposition and party colleagues criticise US approaches, fostering nationalist sentiment. Also Read | Donald Trump's 50% tariffs on India: What does it mean for the stock market & what should investors do? Explained India saw savings of £3.8 billion on oil purchases until March, despite reduced discounts on Russian crude, ICRA ratings agency reported. The country's exports to the US reached approximately £87 billion in 2024. "It's very, very unlikely that Indian oil imports from Russia will go to zero," said Vandana Hari, founder of consultancy Vanda Insights, according to the Bloomberg report. "Everyone understands Trump's aim is to try and pressure Putin, but to do it with a gun on India's shoulder is not going down well with New Delhi,' Vandana Hari added. Trump piles on pressure Trump has insisted that India stop purchasing discounted Russian oil, which he claims is "fueling the war machine" in the Ukraine conflict. His demand stems from his dual objectives of reducing the US trade deficit with India and making progress in discussions with Russian President Putin to end the Ukrainian crisis. The 25% base line tariff rate on India is effective today, but the secondary tariff of 25% announced for India's crude oil trade with Russia will come into effect from August 27. Experts believe that the 21 day period leaves room for negotiations between India and the US. The report said that Indian refining executives anticipate increased procurement from the US during ongoing negotiations. According to individuals familiar with procurement strategies, state-owned processors, who typically acquire Russian crude through spot transactions, are currently maintaining distance from such purchases. Who bought Russia's fossil fuels after EU bans In the past week, refiners including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. have actively participated in the spot market, sourcing various grades from alternative suppliers. These include the US, Nigeria and the United Arab Emirates, with focus on securing immediate delivery cargoes, the Bloomberg report said. For the long-term, Asian market participants anticipate Indian refineries will seek agreements with Middle Eastern oil producers, particularly Saudi Arabia and Iraq. However, without comprehensive sanctions on Russian oil, industry experts have not indicated any significant or systematic alterations to existing arrangements. India's crude oil import patterns historically showed limited Russian imports, with primary reliance on Middle Eastern sources. This scenario transformed in 2022 following the Russia-Ukraine war and the G7 nations' implementation of a $60-per-barrel price ceiling, designed to restrict Russian oil revenues whilst maintaining global supply flow. Also Read | 'Extremely unfortunate': India reacts strongly to Donald Trump's 25% additional tariff for buying Russian oil; 'will take all actions necessary…' Whilst India avoids sanctioned oil from Iran or Venezuela, its crude oil purchase from Russia did not come under the sanction radar, leading to increased purchases, often reducing intake from traditional suppliers including Saudi Arabia, Iraq and Nigeria. Russian oil imports, previously insignificant in India's 2021 portfolio, now constitute approximately 37%, according to Kpler's analysis. This positions India alongside China as main purchasers of Russian crude. US previously supported India's oil trade with Russia Government officials believe that the transition prevented supply shortages and reduced elevated prices — a stance previously agreed by the US. During their India visit last year, Treasury officials portrayed the price cap as "a mechanism for India and other partners to access Russian oil at discounted prices." They emphasised ensuring supply availability and indicated no intentions to restrict Indian purchases, the report said. The unexpected shift in Trump's stance — without implementing additional sanctions — has puzzled the government. Officials caution that eliminating Russia from the supply chain could result in global oil prices more than doubling from current levels, reminiscent of the significant price movements in 2022. The current timing benefits India, potentially enabling a reduction in Russian imports. With oil trading below $70 and abundant supply, thanks to the Organization of the Petroleum Exporting Countries increasing market availability, there are options to expand further. This presents alternatives for India, a significant contributor to future demand growth, albeit necessitating the renewal of certain trading relationships. Also Read | Donald Trump hits India with highest 50% tariff for Russia crude oil buys - how will it impact Indian economy? Explained "If you look at the size of India's trade with the US, and look at how much savings India gets from buying Russia crude, it's pretty clear what India would do," said Warren Patterson, head of commodities strategy at ING Groep NV in Singapore. "Are you going to risk up to $87 billion worth of exports to the US in order to save a few billion from oil discounts?" Discounts on Russia crude have reduced The price advantage of Russian oil has diminished considerably. Indian importers paid $4.50 per barrel less for Russian crude compared to Saudi purchases in May. This is a significant reduction from 2023, when the difference was over $23 per barrel, despite India's cost-sensitive market. "The economic cost of shifting suppliers away from Russia is not actually that big," said Shilan Shah of Capital Economics. "It feels like a political decision rather than an economic one. India doesn't want to be seen caving to Trump's demands. India and Russia have pretty longstanding trade relations, which I think India would be keen to maintain,' Shah was quoted as saying by Bloomberg. China in focus for Russia crude oil With the potential implementation of full tariffs, Russian producers face significant challenges in finding alternative buyers for India's daily purchases of approximately 1.8 million barrels. Although China accepts sanctioned oil, it prioritises diverse supply sources to ensure energy security. China remains hesitant to become overly reliant on Russian crude, regardless of pricing. Nevertheless, China's absorption of crude could help stabilise global oil markets as India reduces its purchases, given the absence of other substantial buyers. China and India dominate Russian oil imports "China will be very, very careful about soaking up all the Russian crude that's being diverted from India," Vanda Insight's Hari said. "The oil will likely be offered at deeper discounts. But, if China absorbs a substantial amount, guess where Trump's eye will turn next?" Trump has been asked why he has chosen to single out India for his additional penalties, given that China is the largest buyer of Russian crude. "It may happen. I don't know, I can't tell you yet. But we did it with India. We are doing it probably with a couple of others, one of them could be China,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays .
