October 13, 2026: The International Monetary Fund has raised India’s GDP growth forecast for 2026–27 to 7% from 6.4%, citing stronger-than-expected economic momentum. Indian equity markets also rallied, with the Sensex gaining 1,109 points and the Nifty rising 359 points, while the government said the implementation of the Merchant Discount Rate (MDR) on select UPI merchant transactions would be deferred until after Diwali.
Top India Headlines
- IMF Raises India’s GDP Growth Forecast to 7% for FY27 The International Monetary Fund has raised its forecast for India’s GDP growth in 2026–27 to 7%, up from 6.4% projected in July. The revision reflects stronger-than-expected economic momentum and resilient growth.
- Sensex Jumps 1,109 Points; Nifty Climbs 359 Points on October 13 Indian benchmark equity indices ended more than 1.5% higher on October 13, 2026. The Sensex surged 1,109 points to close at 73,034, while the Nifty gained 359 points to settle at 22,722. The NSE Midcap 100 index also advanced by more than 1%.
- UPI Merchant Discount Rate Implementation Deferred Until After Diwali The National Payments Corporation of India said the UPI and Services Steering Committee decided to defer the implementation of MDR on select person-to-merchant transactions until after Diwali, keeping the festive season in mind.
- Finance Minister Sitharaman Says Government Open to Suggestions on LTCG Tax Finance Minister Nirmala Sitharaman said the government is open to hearing suggestions on removing the long-term capital gains (LTCG) tax during consultations for the upcoming Union Budget. She made the remarks at the Bloomberg New Economy Forum in New Delhi.
- Rupee Appreciates 50 Paise to Close at ₹95.28 Against US Dollar The Indian rupee strengthened by 50 paise to close at ₹95.28 against the US dollar in the foreign exchange market on October 13. The dollar index, which measures the US currency against a basket of six major currencies, was trading at 102.27 during intraday trade.
- Global Crude Oil Prices Decline; Brent Falls 1.8% Global crude oil prices fell on October 13, with Brent crude trading 1.8% lower at $104.72 per barrel. West Texas Intermediate crude declined 2% to $91.84 per barrel at the time of the report.
- Asian Markets Mixed as Kospi Plunges 5.5%; European Indices Trade Higher Asian equity markets showed mixed trends on October 13. South Korea’s Kospi fell 5.5%, Taiwan’s Taiex declined 1.9% and Japan’s Nikkei 225 slipped 1.8%, while Hong Kong’s Hang Seng and Singapore’s Straits Times gained 0.3% each. China’s Shanghai Composite rose 0.1%, while European indices traded higher.
- India’s Internet Subscriber Base Crosses 111.41 Crore in June 2026 India’s internet subscriber base increased to 111.41 crore at the end of June 2026, compared with approximately 109.28 crore at the end of March, according to the Telecom Regulatory Authority of India. The figures indicate continued expansion in the country’s internet subscriber base.
- Government Drafts National Steel Policy–Vision 2047 to Transform Steel Sector The government has drafted the National Steel Policy–Vision 2047 to develop a globally competitive, technologically advanced, environmentally sustainable and resource-efficient steel industry. The policy aims to address India’s growing steel requirements while transforming the sector over the long term.
- India Calls for Greater Access to Finance and Technology to Achieve SDGs India called for improved access to finance, technology transfer and capacity-building to accelerate the implementation of the Sustainable Development Goals. Addressing the UN General Assembly’s Second Committee, India also emphasised poverty eradication as a key priority.
