Current Affairs - Economy

14.8% was the year-on-year growth recorded in India’s gross Goods and Services Tax (GST) revenue in August 2026. The total gross GST collections reached ₹1,99,853 crore, reflecting strong revenue performance. Domestic transactions increased by 9.3% to ₹1,37,249 crore, while revenue from imports rose by 29% to ₹62,604 crore. After accounting for refunds, net GST revenue stood at ₹1,68,057 crore, registering an 8.3% increase. Total refunds increased significantly by 67.9% to ₹31,795 crore. The 57th GST Council meeting is scheduled for September 12, 2026.

62% was the growth recorded in India’s coconut exports during FY26, taking the total export value to ₹7,038.25 crore. The increase was supported by rising international demand for value-added coconut products and the expansion of India’s export market to 155 countries. Coconut-based products have applications across several sectors, including food, pharmaceuticals, water purification, capacitors, and other industries. The strong export performance highlights the growing economic importance of the coconut sector and India’s expanding role in the global coconut market. World Coconut Day 2026 will be observed on September 2, with celebrations planned in Thiruvananthapuram, Kerala.

India’s real GDP grew by 7.8% year-on-year in the first quarter of FY27, covering the period from April to June 2026. This growth exceeded the Reserve Bank of India’s forecast of 7%, as well as estimates from the Moneycontrol poll and Reuters survey. The strong performance reflected the resilience of the Indian economy despite uncertainty in the global economic environment. Growth was supported by strong domestic demand, higher private and government consumption, robust investment, and positive performance in sectors such as services and manufacturing.

93.2% was Delhi’s own revenue share as a proportion of total revenue collections in the FY25 Budget Estimates, making it the highest among the comparable states and Union Territories with available data. Haryana ranked second with 80.4%, followed by Telangana at 78.4%, Karnataka at 77.3%, and Tamil Nadu at 75.5%. Own revenue consists of own tax revenue and own non-tax revenue, including sources such as fees, royalties, dividends, and user charges. The indicator helps compare the extent to which states generate revenue from their own sources rather than relying on central tax transfers and grants.

$729.3 billion was the record level reached by India’s foreign exchange reserves in the week ended August 21. The reserves increased by $12.4 billion, surpassing the previous record of $728.5 billion recorded in February. The rise was supported by strong capital inflows following the RBI’s concessional swap window and revaluation gains. Foreign Currency Assets increased to $591.33 billion, while gold reserves rose to $114.22 billion. The RBI’s swap window had brought in around $72.8 billion by August 21. At the new record level, India’s forex reserves were sufficient to cover more than 11 months of goods imports.