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. Page 3 of 6.
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EconomyGS3GS2
Next-generation GST process reforms: registration, returns, refunds and exports
Why in news: PIB's explainer and FAQ of 9 October 2026 set out the 57th GST Council's recommended process reforms, including omitting IGST section 13(3)(a).
GST process reforms change how a taxpayer registers, files returns, claims refunds and fixes the place of supply, leaving tax rates aside. The 57th GST Council meeting in October 2026 recommended auto-accepted registration changes, system-driven refunds, a GSTR-3B correction mechanism and omitting section 13(3)(a) of the IGST Act, 2017 for exported services.
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EconomyGS3
NITI Aayog paper proposes 9.5% social discount rate for public projects
A NITI Aayog working paper by Indian Statistical Institute researchers proposes raising the social discount rate for appraising public projects of up to 30 years to 9.5%, from the 8% recommended in 2018. For longer horizons it proposes a declining schedule, down to 3.5% for 75–100 years. NITI Aayog says the paper is not a statement of policy.
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EconomyGS2GS3
NITI Aayog framework ties State data-centre approvals to water, power
NITI Aayog's Frontier Tech Hub, with Deloitte India, on 14 October 2026 made public a Data Centre Evaluation Framework recommending that States approve data centres only after verifying electricity, water and land. Its five pillars cover power, water, siting, economic value and governance. It proposes a central audit mechanism with the Ministry of Electronics and Information Technology as nodal ministry.
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EconomyGS3Prelims
BIS launches Silver Refinery Scheme to hallmark silver bullion and coins
The Bureau of Indian Standards (BIS) on 14 October 2026 launched the Silver Refinery Scheme, under which it will license silver refineries and mints to hallmark bullion and coins. Amendment No. 1 to IS 2112:2025 has added three purity grades, 999.9, 999.5 and 999.0 parts per thousand, to the standard. The scheme is modelled on the Gold Refinery Scheme.
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EconomyGS3
Centre forms Ramesh Chand committee on sugarcane farmers' pricing concerns
The Union government has constituted a four-member committee under Prof. Ramesh Chand, former Member of NITI Aayog, to examine sugarcane farmers' concerns, the Ministry of Consumer Affairs, Food and Public Distribution announced on 14 October 2026. It will study farmers' returns, the ex-mill Minimum Selling Price of sugar, sugar recovery testing, weighment at mills and weight deductions on machine-harvested cane.
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EconomyGS3
Fair and Remunerative Price of cane and Minimum Selling Price of sugar
Why in news: On 14 October 2026 the Centre constituted a committee under Prof. Ramesh Chand to examine cane farmers' returns and the sugar Minimum Selling Price.
The Fair and Remunerative Price (FRP) is the floor price sugar mills must pay farmers for cane, fixed by the Centre on the advice of the Commission for Agricultural Costs and Prices. The ex-mill Minimum Selling Price (MSP) is the floor below which mills may not sell sugar. A committee constituted on 14 October 2026 will examine both.
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EconomyGS3Prelims
UPI's merchant discount rate: zero MDR and the 2026 framework
Why in news: On 13 October 2026, NPCI's UPI and Services Steering Committee deferred MDR on select UPI merchant payments to immediately after Diwali, date unannounced.
The merchant discount rate (MDR) is what a merchant pays its bank to accept a digital payment. Zero MDR on UPI dates from January 2020, under section 10A of the Payment and Settlement Systems Act, 2007. On 13 October 2026, NPCI said MDR on select UPI merchant payments would start immediately after Diwali, on a date to be notified.
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EconomyGS3Prelims
Cooperation Ministry mandates uniform audit report for Multi-State societies
The Ministry of Cooperation has mandated the Multi-State Co-operative Societies (Auditor's Report) Order, 2026, a uniform Yes/No format in which statutory auditors report on financial, governance and compliance parameters. It is modelled on the corporate sector's Companies (Auditor's Report) Order. The Ministry says it will allow early detection of financial stress and risk-based supervision by the Central Registrar.
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EconomyGS3GS2
CCEA approves strategic buyer for 60.72% of IDBI Bank
The Cabinet Committee on Economic Affairs on 14 October 2026 approved 10955230 Canada Inc., parented by Fairfax Financial Holdings Ltd., as strategic buyer of a 60.72% stake in IDBI Bank for Rs 52,878 crore. The Government of India and LIC sell their shares together. The buyer must still present its credentials to the Reserve Bank of India.
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EconomyPrelimsGS2
India approved to join Southern Indian Ocean Fisheries Agreement
The Union Government has approved India's accession to the Southern Indian Ocean Fisheries Agreement (SIOFA), the regional framework for high-seas fishing. India, a cooperating non-contracting party since 2022, will become a Contracting Party. Indian-flagged vessels can then fish squids, toothfish, alfonsino and other non-migratory stocks in the SIOFA area.
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EconomyGS3GS2
Biopharma SHAKTI: India's plan for biologics and clinical trial sites
Why in news: On 14 October 2026, NIPER Raebareli and AstraZeneca India signed an MoU to build trained staff and inspection-ready clinical trial sites in 25 locations.
Biopharma SHAKTI is a ₹10,000-crore, five-year strategy announced in the Union Budget 2026-27 to make India a manufacturing hub for biologics and biosimilars. The Department of Pharmaceuticals is its nodal department, and it plans over 1,000 accredited clinical trial sites. On 14 October 2026, NIPER Raebareli signed an MoU to ready 25 such sites.
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EconomyGS3Prelims
India–Mauritius tax treaty gets principal purpose test against treaty shopping
The Ministry of Finance on 13 October 2026 notified the Protocol amending the India–Mauritius Double Taxation Avoidance Agreement, giving it effect under the Income-tax Act, 2025. The Protocol, in force since 10 August 2026, adds a principal purpose test: treaty benefits can be denied when obtaining them was one of the principal purposes of an arrangement.
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EconomyGS3
BHAVYA: India's scheme for plug-and-play industrial parks
Why in news: PIB published a backgrounder on BHAVYA's design and progress on 14 October 2026.
Bharat Audyogik Vikas Yojna (BHAVYA) is a Central Sector Scheme of the Ministry of Commerce and Industry to build 100 plug-and-play industrial parks with ₹33,660 crore over FY2026-27 to FY2031-32. States and private developers are partners, and parks are chosen by competition. A PIB backgrounder of 14 October 2026 set out its design.
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EconomyGS3Prelims
DAY-NULM and DJAY-S: India's urban livelihoods mission
Why in news: At least five States wrote to the Centre between July and September 2026 seeking funds to sustain urban self-help groups.
The Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM), a Ministry of Housing and Urban Affairs scheme, mobilised poor urban women into self-help groups and offered skills, subsidised credit, homeless shelters and street-vendor support until 30 September 2024. Its pilot successor, DJAY-S, targets six vulnerable occupational groups. States are now seeking Central funds to keep the groups running.
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EconomyGS3Prelims
Producer Price Index and the revised Wholesale Price Index, base 2022-23
Why in news: The Office of the Economic Adviser released September 2026 WPI, Output PPI and trial Input PPI figures on 14 October 2026.
The Producer Price Index (PPI) measures prices from the producer's side: the Output PPI tracks what producers receive, the Input PPI what they pay for inputs. The Office of the Economic Adviser launched them in June 2026, with base 2022-23, beside a revised Wholesale Price Index (WPI). Their September 2026 figures came out on 14 October 2026.
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EconomyGS3GS4
Corporate Social Responsibility under section 135 of the Companies Act, 2013
Why in news: The Indian Institute of Corporate Affairs concluded the Third National Conference and Exhibition on CSR (NCCSR 2026) in New Delhi on 10 October 2026.
Section 135 of the Companies Act, 2013 requires companies above set net worth, turnover or profit thresholds to spend at least 2% of their average net profits of the three preceding years on Schedule VII activities, and fixes where unspent money goes. IICA's Third National Conference on CSR closed in New Delhi on 10 October 2026.
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EconomyGS3GS1
Coir, the Coir Board and the Coir Vikas Yojana
Why in news: On 14 October 2026 the Ministry of MSME issued a backgrounder on the coir sector, putting FY 2025-26 coir exports at Rs 6,614.40 crore.
Coir, the fibre of coconut husk, ends up as rope, matting and road fabric. The Coir Board, a statutory body under the Ministry of MSME, steers the industry, and the Ministry's Coir Vikas Yojana funds its technology, training and markets. A ministry backgrounder of 14 October 2026 put FY 2025-26 exports at Rs 6,614.40 crore.
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EconomyGS3GS4
Monitoring of issue proceeds: SEBI proposes an agency for every issue
The Securities and Exchange Board of India (SEBI) on 13 October 2026 proposed a mandatory monitoring agency for every issue, whatever its size, to check how raised money is spent. A Main Board IPO now needs one only above Rs 100 crore. Non-cooperating companies would be fined Rs 50,000 per instance. Comments close on 3 November.
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EconomyGS2GS3
Satellite spectrum: administrative assignment under the Telecommunications Act, 2023
Why in news: On 8 October 2026, the Ministry of Communications said security assessment of all three satellite licensees was under way, before any may seek spectrum.
Under the Telecommunications Act, 2023, spectrum is auctioned by default, but satellite services listed in its First Schedule, such as GMPCS, VSAT and DTH, get spectrum through an administrative process, with pricing proposed in TRAI's recommendations of 9 May 2025. On 8 October 2026, the Ministry of Communications said three satellite licensees must clear security assessment before seeking spectrum.
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EconomyGS3Prelims
TReDS and delayed payments to MSMEs
Why in news: A CII-ISB study of MSMEs, reported on 13 October 2026, urged wider use of TReDS against delayed customer payments.
The Trade Receivables Discounting System (TReDS) is an RBI-authorised platform where banks and NBFCs bid to discount MSMEs' invoices owed by large buyers, paying the seller early and without recourse. Since a 30 June 2026 notification, CPSEs must settle MSME invoices through it. A CII-ISB study has urged wider TReDS use against delayed payments.
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EconomyGS3GS1
Offshore mineral blocks and the International Seabed Authority
Why in news: On 13 October 2026 the Ministry of Mines held an outreach for bidders on two Andaman Sea blocks of polymetallic nodules and crusts.
India regulates seabed mining in its territorial waters, continental shelf and exclusive economic zone through the Offshore Areas Mineral (Development and Regulation) Act, 2002, which since 2023 grants private entities rights only by auction. Beyond national jurisdiction, the International Seabed Authority licenses exploration. The Ministry of Mines is now seeking bidders for two Andaman Sea nodule blocks.
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EconomyPrelimsGS2
Maritime State Development Council holds first statutory meeting, sets port deadlines
The Maritime State Development Council met in Mumbai on 13 October 2026, its first as a statutory body under the Indian Ports Act, 2025. It set March 2027 for every port to adopt the One Nation One Port Process and join the Maritime Single Window, mandated electronic tariff publication, and gave States three months to notify rules under the Act.
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EconomyGS3Prelims
IMF's Global Financial Stability Report flags AI correction, cyber risks
The International Monetary Fund's Global Financial Stability Report, released on 13 October 2026 at the IMF-World Bank Annual Meetings in Bangkok, judged global financial stability risks to be elevated. It named an AI-related market correction and severe cyber incidents as plausible near-term triggers of market turmoil, and warned of a spike in sovereign bond yields.
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EconomyGS3
National Land Monetisation Corporation: selling surplus public land
Why in news: On 13 October 2026, the Finance Ministry said NLMC's first end-to-end e-auction, of RINL land in Visakhapatnam, sold 150 plots for ₹366.33 crore.
The National Land Monetisation Corporation (NLMC), a wholly owned Government of India company under the Department of Public Enterprises, Ministry of Finance, monetises surplus land and buildings of Central Public Sector Enterprises (CPSEs) and other government agencies. On 13 October 2026, the Finance Ministry said NLMC's first end-to-end e-auction, of RINL land in Visakhapatnam, sold 150 plots.
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EconomyPrelimsGS3
NHAI makes independent proof-checking of complex highway designs mandatory
The National Highways Authority of India (NHAI) has made independent proof-checking of the designs of critical bridges, viaducts, tunnels and other complex highway structures mandatory from 1 December 2026, according to its circular as reported. Empanelled IITs, government technical institutions or reputed firms will vet the designs before approval, at the contractor's cost, across EPC, HAM and BOT projects.
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EconomyGS3Prelims
IMF's World Economic Outlook lifts India's 2026-27 growth forecast to 7%
The International Monetary Fund's October 2026 World Economic Outlook, released on October 13 in Bangkok, raised India's 2026-27 GDP growth forecast to 7% from 6.4% in July, citing resilient domestic demand and robust services. It also lifted the 2027-28 projection to 7% from 6.7%. The IMF now projects world growth of 3.1% in 2026.
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EconomyPrelimsGS3
PM-WANI: how India's public Wi-Fi framework works
PM-WANI, the Prime Minister's Wi-Fi Access Network Interface approved by the Union Cabinet in December 2020, lets local Public Data Offices sell broadband through Wi-Fi hotspots without a licence fee or registration. Aggregators, app providers and a Central Registry kept by C-DoT complete the system. In 2026, the Department of Telecommunications reportedly added QR-based laptop login and standard hotspot names.
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EconomyGS3Prelims
RSETIs get uniform training standards under MoRD pact with RUDSETI academy
The Ministry of Rural Development exchanged an MoU with the National Academy of RUDSETI on 12 October 2026 to set uniform training standards across Rural Self Employment Training Institutes (RSETIs). Trainees will register through Kaushal Panjee with Aadhaar face authentication, and new courses will be NSQF-aligned. The ministry has set RSETIs a target of 6.35 lakh rural youth this year.
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EconomyGS3Prelims
Consumer Price Index and the RBI's flexible inflation target
Why in news: Official data released on 12 October 2026 put September CPI inflation at 5.5%, the highest since October 2024, with food and beverages at 7.4%.
The Consumer Price Index (CPI), compiled by the National Statistics Office under the Ministry of Statistics and Programme Implementation, measures retail price change for rural, urban and combined India, on base 2024=100 since February 2026. The RBI targets 4% CPI inflation within a 2-6% band. Official data released on 12 October 2026 put September inflation at 5.5%.
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EconomyGS3GS2
PM-SETU: AM/NS India pacts to upgrade nine ITIs in Surat, Visakhapatnam
The Ministry of Skill Development and Entrepreneurship, the Gujarat and Andhra Pradesh governments and AM/NS India signed shareholders' agreements on October 12, 2026 to upgrade nine government ITIs under the PM-SETU scheme. Five ITIs in Surat get ₹240 crore and four in Visakhapatnam ₹200 crore. Special purpose vehicles will run each cluster, with AM/NS India holding 51%.
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