Moon landing, BRICS expanding, GDP withstanding

Headlines in India this week have been dominated by the successful Chandrayaan-3 mission to the south pole of the moon. Second to that was the BRICS summit, which concluded with an announcement that the bloc will be expanded. But India’s complicated and acrimonious relationship with China suggests that the even a bigger bloc will fail to make much headway on policy proposals. Next week, Q2 GDP data should show that the economy continued to withstand higher interest rates, but there are signs of growth coming off the boil in more timely activity data.