Current Affairs - Economy

Oman became India's leading supplier of Liquefied Natural Gas (LNG) in September 2026, overtaking the United States amid shifting global trade routes and regional disruptions. Oman supplied 0.59 million tonnes of LNG during the month, an 11.6% increase compared with August. The United States ranked third with 0.34 million tonnes, while Nigeria secured second place. Oman's location and ability to export LNG without depending on the Strait of Hormuz provided an advantage during regional disruptions. Between May and September 2026, Oman supplied 2.33 million tonnes, accounting for 20% of India's LNG imports during that period. India's LNG demand was supported by the city gas distribution and fertiliser sectors.

13.2% was the year-on-year growth in India’s net direct tax collections, which reached ₹13.38 lakh crore as of October 14, 2026. According to provisional figures released by the Income Tax Department, gross direct tax collections increased by 14.89% to ₹16.03 lakh crore during the same period. Corporate tax collections contributed significantly to the growth, with net corporate tax revenue rising by 20.6% to ₹5.99 lakh crore. Securities Transaction Tax (STT) collections also recorded strong growth of 51.6%, reaching ₹46,840 crore. The government set a direct tax collection target of ₹26.97 lakh crore for the financial year 2026–27.

2047 is the target year for India to increase its crude steelmaking capacity to 604 million tonnes (MT) under the draft National Steel Policy – Vision 2047. Released on October 12, 2026, the policy outlines a roadmap to expand domestic steel production, reduce import dependence and promote sustainable industrial growth. It also targets finished steel demand of 505 MT and an increase in per capita steel consumption from 116 kg to 302 kg. The policy aims to reduce dependence on imported coking coal and lower the average emission intensity of steel production from 2.54 to 1.54 tonnes of carbon dioxide per tonne of crude steel through cleaner technologies, hydrogen-based steelmaking and greater use of scrap.

India's Wholesale Price Index (WPI) inflation rose to 11.39% in September 2026, compared with 9.92% in August 2026, according to data released by the Ministry of Commerce and Industry on October 14. This was the highest inflation rate recorded under the current WPI series, which uses 2022–23 as its base year. The increase was driven by rising prices in food items, fuel and power, and manufactured goods. Fuel and power inflation climbed to 25.85%, while food inflation reached an eight-month comparison figure of 8.14% in the reported data. Inflation in manufactured goods also increased to 9.76%. WPI measures changes in the prices of goods in wholesale markets before they reach final consumers.

5.54% was India’s retail inflation rate in September 2026, up from 4.83% in August 2026. The revised figures were released on October 12, 2026, by the Ministry of Statistics and Programme Implementation (MoSPI), using the Consumer Price Index series with 2024 as the base year. The increase was mainly driven by rising food prices, particularly vegetables such as onions. Food inflation climbed to 7.74%, while rural retail inflation reached 6.08% and urban retail inflation stood at 4.88%. Although retail inflation exceeded the RBI’s 4% target, it remained within the permitted tolerance range of 2% to 6%.