Economy Current Affairs for UPSC
Every Economy story from the daily editions, newest first, each in short with why it matters for Prelims and Mains.
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EconomyPrelimsGS3
PM Surya Ghar: Muft Bijli Yojana and the rooftop solar subsidy
Why in news: Scheme data as of 15 October 2026 show West Bengal's rooftop installations up nearly seven-fold since May 2026, to 10,146.
PM Surya Ghar: Muft Bijli Yojana, approved by the Union Cabinet on 29 February 2024 with Rs 75,021 crore, subsidises rooftop solar for one crore homes, with up to 300 free units a month. The Ministry of New and Renewable Energy runs it till March 2027. West Bengal's installations have risen nearly seven-fold since May 2026.
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EconomyGS3GS2
RoDTEP and RoSCTL: refunding the taxes hidden in India's exports
Why in news: Both schemes run to 31 December 2026 after extensions in September-October 2026; a news report of 21 October 2026 says two panels are reviewing them.
RoDTEP and RoSCTL refund exporters the central, state and local levies that GST and Duty Drawback leave inside export prices, such as VAT on transport fuel, mandi tax and electricity duty. The rebate, a percentage of FOB value, comes as a transferable e-scrip. Both run to 31 December 2026; a news report says two panels are reviewing them.
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EconomyGS3GS1
DAY-NRLM: how rural women's self-help groups are organised, financed, marketed
Why in news: A PIB backgrounder of 21 October 2026 set out the National SARAS Mela at Vijayawada, 13-31 October, the first held outside Delhi-NCR.
The Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) is the Ministry of Rural Development's centrally sponsored scheme that organises poor rural women into self-help groups, federates them, links them to bank credit and helps them sell. It is in the news as Vijayawada hosts the first National SARAS Mela outside Delhi-NCR, from 13 to 31 October 2026.
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EconomyGS3Prelims
Maternity benefit law: 2017 amendment and Code on Social Security, 2020
Why in news: An IZA working paper of August 2026, reported on 21 October 2026, finds covered manufacturing firms employed fewer women after the 2017 amendment.
The Maternity Benefit (Amendment) Act, 2017 raised paid maternity leave from 12 to 26 weeks, gave adopting and commissioning mothers 12 weeks and required creches at establishments with 50 or more employees; employers pay. Chapter VI of the Code on Social Security, 2020 now carries these rules. A new working paper links that change to fewer women in factory jobs.
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EconomyGS3Prelims
Urban co-operative banks: RBI's Section 35A directions and DICGC cover
Why in news: RBI announced on 21 October 2026 that Puducherry Co-operative Urban Bank is under Section 35A directions for six months, with withdrawals capped at ₹5,000.
Urban co-operative banks answer to two authorities: the Registrar of Co-operative Societies and the Reserve Bank of India. RBI can freeze a weak bank's lending, deposits and payments through directions under Section 35A of the Banking Regulation Act, 1949, while DICGC insures each depositor up to ₹5 lakh. Puducherry Co-operative Urban Bank came under such directions on 21 October 2026.
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EconomyGS3Prelims
Monetary Policy Committee: members, voting, minutes and policy stance
Why in news: On 21 October 2026 the RBI released minutes of the MPC's 5-7 October meeting, which raised the repo rate to 5.50%.
The Monetary Policy Committee (MPC), set up under Section 45ZB of the Reserve Bank of India Act, 1934, is a six-member body that sets the repo rate needed to meet the inflation target. Each member votes and gives written reasons. Minutes of its 5-7 October 2026 meeting, out on 21 October, showed a unanimous hike but a split on stance.
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EconomyGS3GS2
NaBFID: India's development financial institution for infrastructure
Why in news: NaBFID raised USD 750 million through its debut 10-year US dollar bond, listed at GIFT IFSC, its release of 1 October 2026 said.
The National Bank for Financing Infrastructure and Development (NaBFID) is India's development financial institution for infrastructure, created by the National Bank for Financing Infrastructure and Development Act, 2021 to lend long-term and deepen infrastructure bond markets. The RBI regulates it as an All India Financial Institution. Its debut USD 750 million, 10-year dollar bond was announced on 1 October 2026.
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EconomyGS3Prelims
PM Internship Scheme: the 2024 design and the 2026 revamp
Why in news: By October 2026, over 30,000 candidates had joined the third PMIS pilot round that followed the March 2026 revamp.
The Prime Minister Internship Scheme (PMIS), run by the Ministry of Corporate Affairs, places young people in paid internships with large companies and aims at one crore opportunities over five years. A March 2026 revamp raised the monthly stipend from Rs 5,000 to Rs 9,000, and over 30,000 candidates have since joined its third pilot round.
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EconomyGS3Prelims
No tax deducted on interest from NDB's Maharajah rupee bonds
The Centre has notified that the New Development Bank need not deduct tax at source on interest it pays holders of its Maharajah INR Bonds. The Central Board of Direct Taxes notification of 19 October 2026, under the Income-tax Act, 2025, covers resident holders and Foreign Institutional Investors for the tax year 2026-27 and later years.
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EconomyPrelimsGS3
UDAN and Modified UDAN: the Regional Connectivity Scheme
Why in news: A PIB backgrounder of 20 October 2026 marked UDAN's ten years and set out the Modified UDAN Scheme, formally launched on 4 July 2026.
UDAN (Ude Desh ka Aam Nagrik), the Ministry of Civil Aviation's Regional Connectivity Scheme, pays airlines Viability Gap Funding and caps fares so they fly unserved and underserved routes. Launched on 21 October 2016 under the National Civil Aviation Policy 2016, it turns ten this month; its next phase, Modified UDAN, carries Rs 28,840 crore for 2026-27 to 2035-36.
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EconomyGS3Prelims
RBI's liquidity framework: the LAF corridor, SDF, MSF and VRR auctions
Why in news: On 19 October 2026 the RBI injected about ₹1 lakh crore through a 7-day variable rate repo auction and announced another for 21 October.
The Reserve Bank of India steers bank liquidity through the Liquidity Adjustment Facility (LAF): a corridor with the Standing Deposit Facility (SDF) rate as floor, the Marginal Standing Facility (MSF) rate as ceiling and the policy repo rate between, plus variable rate repo auctions. On 19 October 2026 it injected about ₹1 lakh crore through one.
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EconomyGS3Prelims
The pulses buffer and the Price Stabilisation Fund
Why in news: As reported on 20 October 2026, States have sought tur and chana from the Centre's pulses buffer, with retail tur dal up 17.2% year-on-year.
The Price Stabilisation Fund (PSF), set up in 2014-15 and run by the Department of Consumer Affairs, holds a dynamic buffer of tur, urad, moong, masur and chana, released in calibrated amounts to steady retail prices. States are now seeking tur and chana from it as prices rise, and the Centre wants the buffer kept for market intervention.
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EconomyGS2GS1
Goa's iron-ore mining: Shah Commission, Goa Foundation rulings and MMDR auctions
Why in news: On 12 October 2026, the Bombay High Court quashed the Enforcement Directorate's money-laundering case against a mining group after its predicate FIR was quashed.
Goa's iron-ore leases, once Portuguese concessions in perpetuity, became mining leases under a 1987 Act. The Supreme Court held in 2014 that they had expired in 2007, and in 2018 quashed their second renewals; fresh leases are auctioned under the MMDR Act. On 12 October 2026, the Bombay High Court at Goa quashed a money-laundering case against a mining group.
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EconomyGS3GS2
Terror financing: UAPA Section 51A, the UN 1267 list and FATF
Why in news: The RBI's circular of 19 October 2026 conveyed UN amendments to three entries on the ISIL (Da'esh) and Al-Qaida Sanctions List, including the TTP's.
Section 51A of the Unlawful Activities (Prevention) Act, 1967 lets the Centre freeze funds, block payments and stop the travel of terrorists named by the UN Security Council. The Financial Action Task Force judges how well India does this. On 19 October 2026 the RBI told banks of amendments to three entries on the UN's ISIL (Da'esh) and Al-Qaida list.
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EconomyPrelimsGS3
Parallel distribution licence: HERC grants one for Gurugram and Nuh
The Haryana Electricity Regulatory Commission (HERC) on 19 October 2026 granted Eleven Power Private Limited a 25-year parallel distribution licence for the Gurugram and Nuh revenue districts under the Electricity Act, 2003. The State-owned Dakshin Haryana Bijli Vitran Nigam continues to supply its consumers; they can switch only under a protocol HERC must approve.
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EconomyGS3Prelims
DGFT notifies tariff-rate quotas for New Zealand apples, kiwifruit, honey
The Directorate General of Foreign Trade (DGFT) on 17 October 2026 notified how tariff-rate quotas for New Zealand apples, kiwifruit, albumins and Manuka honey will work under the India–New Zealand Free Trade Agreement from 20 October. Apples within quota pay 25% duty against 50% outside it; quota kiwifruit enters duty-free. Both fruit quotas open in 2027.
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EconomyGS3Prelims
Financial inclusion schemes: PMJDY, PMJJBY, PMSBY and APY
Why in news: On 19 October 2026 the Department of Financial Services announced a saturation campaign of bank camps from 21 October to 31 December 2026.
Four Union schemes form the base of India's financial inclusion: Jan Dhan (2014) gives every unbanked adult a basic bank account, PMJJBY and PMSBY offer low-premium life and accident cover, and the Atal Pension Yojana guarantees a pension from 60. Banks will hold camps nationwide from 21 October to enrol people in all four.
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EconomyGS3Prelims
Agrivoltaics (AgriPV): farming and solar power on the same land
Why in news: On 19 October 2026 the MNRE Secretary said the ministry plans a central sector scheme for AgriPV, its design still undecided.
Agrivoltaics, or AgriPV, mounts solar panels on structures about four metres high so that farming continues beneath them, letting one plot yield both crops and electricity. The Ministry of New and Renewable Energy plans a central sector scheme to cover AgriPV's 25-30% higher cost, its Secretary said on 19 October 2026.
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EconomyPrelimsGS3
WINDS: the weather-station network behind crop insurance
Why in news: A July 2026 Rajya Sabha reply put WINDS installations at 892 stations and gauges; PIB's 29 August 2026 PMFBY backgrounder set out its role.
The Weather Information Network and Data System (WINDS), launched by the Union Agriculture Ministry in July 2023, sets up Automatic Weather Stations at block level and Automatic Rain Gauges at gram panchayat level. Their hyperlocal data feed crop-insurance claims under PMFBY. A July 2026 Rajya Sabha reply put installations at 892 stations and gauges.
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EconomyGS3Prelims
Special Rupee Vostro Accounts: how India settles trade in rupees
Why in news: At the IMF-World Bank Annual Meetings in Bangkok in October 2026, the Finance Minister backed rupee settlement for trading partners facing hard currency shortages.
A Special Rupee Vostro Account (SRVA) is a rupee account that an Indian bank opens for a foreign bank, so that exports and imports are invoiced, paid and settled in Indian rupees under a Reserve Bank of India framework of July 2022. In October 2026 the Finance Minister said India wants such settlement to help partners short of hard currency.
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EconomyGS3Prelims
Customer liability in unauthorised electronic banking: RBI's zero-liability rules
Why in news: In an order reported on 19 October 2026, the Kerala High Court held an SBI customer who promptly reported an OTP fraud had zero liability.
Under the Reserve Bank of India's 6 July 2017 circular, a customer bears no loss from an unauthorised electronic transaction caused by the bank's fault, or by a third-party breach reported within three working days. In an order reported on 19 October 2026, the Kerala High Court applied the 2017 rule against State Bank of India.
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EconomyGS3GS2
Legal metrology: the OIML, its CIML and the Legal Metrology Act, 2009
Why in news: India will host the 61st CIML meeting for the first time, in New Delhi from 26 to 28 October 2026 (PIB, 19 October 2026).
Legal metrology sets binding rules for units, measuring instruments and methods so that weighments in trade are accurate. Worldwide, the OIML, a treaty body set up in 1955, frames model rules through its decision-making CIML; in India, the Legal Metrology Act, 2009 applies them. India will host the 61st CIML meeting, its first, in New Delhi.
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EconomyGS2GS3
Off-budget borrowing by States and Article 293
Why in news: On 15 October 2026, a Keralam expert committee's report tabled in the Assembly proposed ending KIIFB's independent market borrowing.
Off-budget borrowing is debt raised by a State-controlled body outside the budget but repaid from State revenue. It sidesteps Article 293, under which a State owing the Centre needs Union consent to borrow, the basis of its annual ceiling. A Keralam expert committee report tabled on 15 October 2026 proposes ending KIIFB's independent market borrowing.
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EconomyGS3Prelims
Section 44A: RBI sanctions Emirates NBD branches' merger with RBL Bank
The Reserve Bank of India announced on 16 October 2026 that it had sanctioned a scheme amalgamating all Indian branches of Emirates NBD Bank P.J.S.C. with RBL Bank Limited, under Section 44A(4) of the Banking Regulation Act, 1949. The amalgamation takes effect on 1 December 2026, from when the foreign bank's Indian branches will function as RBL Bank branches.
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EconomyGS3Prelims
Foreign portfolio investors and index tiers: how passive money moves
Why in news: MSCI proposed on 16 October 2026 to reclassify Indonesia from Emerging to Standalone status, citing opaque ownership and suspected coordinated trading.
Foreign portfolio investors (FPIs) buy Indian shares and bonds after registering under the SEBI (Foreign Portfolio Investors) Regulations, 2019; SEBI puts their 2025-26 net outflow at Rs 1,52,692 crore, the largest on record. Passive funds follow indices that sort markets into tiers. MSCI proposed on 16 October 2026 to move Indonesia from Emerging to Standalone status.
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EconomyPrelimsGS3
Energy storage in India: pumped storage and battery systems
Why in news: NTPC Renewable Energy Ltd invited bids in October 2026 for up to 2,000 MW/12,000 MWh of pumped storage.
Energy storage banks surplus solar and wind power for later use. Pumped storage projects pump water uphill and release it through turbines; battery energy storage systems hold power in cells. India backs batteries with Viability Gap Funding and a manufacturing incentive. NTPC Renewable Energy sought bids in October 2026 for up to 2,000 MW of pumped storage.
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EconomyGS3GS2
Financial Services Institutions Bureau (FSIB): how bank and insurer heads are chosen
Why in news: On 16 October 2026 the Centre reconstituted the FSIB, nominating a part-time chairperson and six part-time members for three years.
The Financial Services Institutions Bureau (FSIB) recommends whole-time directors and non-executive chairpersons for public sector banks, financial institutions and public sector insurers; the Appointments Committee of the Cabinet takes the final decision. A Ministry of Finance resolution set it up on 1 July 2022 to succeed the Banks Board Bureau. The Centre reconstituted it on 16 October 2026.
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EconomyGS3Prelims
India–New Zealand FTA due in force on 20 October; origin rules notified
The India–New Zealand Free Trade Agreement, signed on 27 April 2026, is scheduled to enter into force on 20 October 2026. The Central Board of Indirect Taxes and Customs notified its rules of origin on 12 October, and a customs notification of 16 October sets India's first tranche of tariff cuts. New Zealand will remove duties on all Indian exports.
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EconomyGS3GS2
Ethanol blending: 2026-27 tender shuts out sugar-based feedstocks
The ethanol tender for supply year 2026-27, issued on 16 October 2026 by Bharat Petroleum Corporation Limited for the oil marketing companies, seeks no ethanol from sugarcane juice, sugar, sugar syrup or B-heavy molasses, citing directions for zero sugar diversion. It invites about 1,100 crore litres and reportedly cuts the maize-ethanol price to Rs 68.86 a litre from Rs 71.86.
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EconomyGS3GS2
WTO Agreement on Agriculture: subsidy boxes, de minimis and the peace clause
The WTO Agreement on Agriculture sorts farm subsidies into boxes: trade-distorting amber support is capped, for most developing countries at 10% of production value, while blue and green box support is not. A 2013 Bali peace clause, made open-ended in 2014, shields grain stocks bought at fixed prices. India sought priority for public stockholding at MC14 in March 2026.
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