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 6 of 6.
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EconomyGS3GS2
World Bank raises India's FY27 growth forecast to 7.1%
The World Bank on October 6 raised India's FY27 GDP growth forecast to 7.1% from 6.6%, citing resilient domestic demand, stronger industry and robust exports. Its India Development Update flagged risks from high oil prices, a possible El Niño rainfall deficit and volatile capital flows, and focused on artificial intelligence as a productivity lever.
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EconomyGS3GS2
Cabinet approves ₹10,000-crore SME Growth Fund and transport authority
The Union Cabinet on October 6 approved ₹10,000 crore of central funding for an SME Growth Fund announced in Budget 2026, mainly for manufacturing-focused small and medium enterprises. It also cleared an Integrated Transport & Logistics Authority to plan, appraise and monitor road, rail, port and aviation projects as one network.
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EconomyGS3GS2
RBI Governor sees no major impact on UPI volumes from MDR
RBI Governor Sanjay Malhotra said on October 7 that a small fee, the Merchant Discount Rate (MDR), will not have a major impact on UPI volumes. A 0.4% MDR on specified UPI merchant payments above ₹2,000 applies from October 15. On September 28, the Supreme Court declined to stay it, seeking responses from the Centre, the RBI and NPCI.
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EconomyGS3GS2
Rural Development Ministry notifies 375 permissible works under VB–G RAM G
The Ministry of Rural Development announced on October 6, 2026 that it has notified 375 permissible works under the VB–G RAM G Act, 2025, the law that replaced MGNREGA. That is 41% more than the 266 works of the earlier framework. Water Security has 128 works, Core Rural Infrastructure 111, Livelihood-related Infrastructure 98, and a first-ever disaster-preparedness category 38.
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EconomyGS3GS2
GSTN introduces Multistate Registration facility for businesses in several states
GSTN announced on 1 October a "Multistate Registration" tab on the GST portal for taxpayers seeking registration in several States or UTs under one PAN. Common details are entered once under a master TRN, due within 15 days, and auto-filled into each state's application. Places of business and Aadhaar authentication are still completed state by state.
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EconomyGS3Prelims
India's services PMI reaches three-month high of 55.2
India's services sector grew at its quickest pace in three months in September, with the HSBC India Services PMI, compiled by S&P Global, rising to 55.2 from 54.1 in August on stronger domestic demand and new business. Export orders, however, rose at the slowest rate in nearly three years. The composite output index climbed to 55.9.
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EconomyGS3GS2
National Waterway-2 and Protocol Route: Assam methanol barge sails for Dhaka
Union Minister Sarbananda Sonowal on October 5, 2026 flagged off a barge carrying 540 tonnes of methanol, made at Namrup by Assam Petro-Chemicals, from Bogibeel, Dibrugarh to Pangaon Port, Dhaka. It sails about 768 km down National Waterway-2 on the Brahmaputra, then the Indo-Bangladesh Protocol Route. His ministry calls it upper Assam's first cargo to a foreign port since 1947.
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EconomyGS3Prelims
World vegetable-oil prices up 18.3% in a year, raising India’s import costs
The FAO Vegetable Oil Price Index averaged 198.6 points in September 2026, 18.3% above a year earlier, as palm oil prices rose for a fourth month. Indonesia’s palm oil association expects lower output and record biodiesel demand to cut 2027 exports 14.9%, to 26.5 million tonnes. The Solvent Extractors’ Association of India puts 2026–27 imports at 16.5–17 million tonnes.
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EconomyGS3GS2
BRICS tax heads create India-led groups on transfer pricing, revenue statistics
Representatives of ten BRICS tax administrations, meeting in New Delhi on 23 September, set up two India-led working groups: on International Taxation and Transfer Pricing, and on Revenue Statistics. The first covers treaty interpretation, transfer pricing audits, advance pricing agreements and mutual agreement procedures. The meeting capped India's BRICS tax chairship; China takes over in 2027.
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EconomyGS3GS2
India's food market pegged at $550-600 billion, says MoFPI official
India's food market is worth an estimated $550-600 billion and is growing 6-7% a year, Ministry of Food Processing Industries Joint Secretary Devesh Deval said at Anuga Select India and Anuga FoodTec India 2026. The government wants higher processing across 16 sub-sectors. An APEDA official put 2025-26 agricultural and processed food exports at $53 billion.
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EconomyPrelimsGS3
Strategic petroleum reserves: G7 to release 100 million barrels through IEA
G7 leaders agreed on October 2 to release 100 million barrels of crude and diesel from emergency reserves over four months through the International Energy Agency (IEA), with a substantial diesel release in the first 20 days. The release carries out commitments under the IEA's 400-million-barrel collective action of March 2026. Members reaffirmed no energy export curbs among themselves.
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EconomyGS3GS2
RoDTEP extended to December 2026; RELIEF export cover to March 2027
The Department of Commerce has extended the RoDTEP scheme, which refunds taxes embedded in exported goods, to 31 December 2026 at unchanged rates, it announced on 2 October 2026. A separate notification extended Component II of RELIEF, which supports ECGC insurance with 95% risk coverage for shipments to the Gulf and West Asia, to 31 March 2027.
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EconomyGS3GS2
Maharashtra signs Amended BharatNet pact; Centre approves Rs 10,520 crore
Digital Bharat Nidhi signed an agreement on 1 October 2026 with the Maharashtra government, MahaNet Digital Infrastructure Limited, BSNL and MahaIT to implement the Amended BharatNet Program in the State under the State-led model. The Centre has approved Rs 10,520 crore. It covers 28,237 gram panchayats and on-demand connectivity for 15,799 villages.
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EconomyPrelimsGS3
Wheat MSP rises just ₹25 as Cabinet clears 2027-28 rabi prices
The Cabinet Committee on Economic Affairs on September 30 raised minimum support prices for all six mandated rabi crops for the 2027-28 marketing season. Wheat got only ₹25 more, to ₹2,610 per quintal, its smallest absolute hike since 2010-11. Safflower gained the most, rising ₹675 to ₹7,215, while rapeseed-mustard climbed ₹413 to ₹6,613.
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EconomyPrelimsGS3
Cabinet approves Green Energy Corridor Phase-III for intra-State lines and batteries
The Union Cabinet on 30 September 2026 approved Green Energy Corridor Phase-III, a Rs 1,86,405 crore scheme to strengthen the Intra-State Transmission System (InSTS) and evacuate up to 135 GW of renewable power. It includes 50 GWh of Battery Energy Storage Systems, has Rs 54,082 crore of central support and is to be set up by FY 2032-33.
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EconomyGS3Prelims
IRDAI proposes phased cuts to insurers' distribution cost limits
IRDAI’s September 23 consultation proposes phased cuts to insurers’ management and distribution expense limits, plus commission and sales-practice changes. For life insurers, one company-level limit of 15% of gross direct premium income would apply within two years, falling to 12.5% within five years. These are proposals, not binding rules. India already permits up to 100% foreign ownership of insurers.
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EconomyGS3Prelims
India proposes AIIB support for MSME technology adoption and skills
At the AIIB annual meeting in Doha on September 29, Finance Minister Nirmala Sitharaman proposed wider financing for AI, MSMEs and workforce skills alongside physical infrastructure. The report links the proposal to Indian small firms’ technology and training needs. This was India’s proposal, rather than an announced AIIB lending scheme or approved project.
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EconomyGS3Prelims
0.4% MDR on UPI merchant payments above Rs 2,000 from October 15
A 0.4% merchant discount rate applies to person-to-merchant UPI payments above Rs 2,000 from October 15, 2026, capped at Rs 300 per transaction for payments of Rs 75,000 and above, NPCI's fact sheet says. P2PM small merchants receiving up to Rs 1 lakh a month stay at zero MDR; GST on the fee is claimable as input credit.
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EconomyGS3Prelims
India-New Zealand free trade agreement takes effect October 20
The India-New Zealand free trade agreement comes into force on October 20, Commerce Minister Piyush Goyal announced after both countries completed domestic procedures. New Zealand eliminates duties on 100% of tariff lines for Indian goods immediately; India opens about 70% of its lines while shielding dairy, sugar and key farm produce. Both sides aim to double trade by 2030.
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EconomyGS3Prelims
UPI gets a 0.4% merchant fee above ₹2,000
From 15 October, UPI payments above ₹2,000 to merchants will attract a 0.4% Merchant Discount Rate, capped at ₹300 for payments of ₹75,000 and above. Person-to-person transfers stay free. Payments above ₹2,000 were 4% of merchant transactions by volume but 67% by value in August, NPCI data show. MDR on UPI was cut to zero in January 2020.
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EconomyGS3Prelims
EPFO wage ceiling raised to ₹25,000 after 12 years
The Ministry of Labour and Employment has raised the EPFO wage ceiling from ₹15,000 to ₹25,000 a month from 17 September, the first revision in 12 years. Over 51 lakh more workers are expected to come under mandatory coverage, and the maximum monthly employer pension contribution rises from ₹1,250 to ₹2,083.
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