Current Affairs - Economy

OpenAI achieved a $500 billion valuation following a $6.6 billion secondary share sale to SoftBank. This sale involved shares from current and former employees and reflects investor confidence in OpenAI’s rapid growth and strong revenue performance. The transaction did not dilute company capital but provided liquidity for early stakeholders. OpenAI’s revenue for the first half of 2025 reached $4.3 billion, driven by the expansion of ChatGPT Enterprise and Pro plans, integrations with Microsoft Copilot, and demand for custom AI solutions. SoftBank’s investment highlights the global interest in generative AI and positions OpenAI for potential strategic opportunities in technology and capital markets.

Union Home Minister Amit Shah inaugurated the Sabar Dairy Plant in Rohtak, Haryana. This dairy facility, built with an investment of ₹350 crore, is the largest in India and aims to significantly boost the dairy sector in the region. The plant is expected to enhance milk production capacity, improve quality standards, and strengthen supply chains across the National Capital Region (NCR). By providing a modern processing infrastructure, it will help farmers secure better income and contribute to rural economic growth. The project reflects the government’s focus on promoting self-reliance and efficiency in India’s dairy industry.

India’s Goods and Services Tax (GST) collections for September 2025 reached ₹1.89 lakh crore, marking a 9.1% year-on-year growth and 1.5% increase over August 2025. This strong performance came despite recent tax rate reductions under the GST 2.0 reforms, which lowered GST on 375 items to boost consumption. The robust collection reflects healthy consumer demand, improved compliance, and the positive impact of rate rationalisation. It also highlights India’s fiscal resilience and economic stability as the government continues implementing reforms to strengthen revenue growth amid evolving market conditions and festive demand.

The Asian Development Bank (ADB) has lowered India’s GDP growth forecast for FY26 to 6.5%, down from its earlier estimate of 6.7%. This revision reflects the impact of elevated U.S. tariffs, which are expected to affect around 60% of India’s exports to the U.S., slowing growth momentum in the second half of 2025-26. Despite strong domestic demand, infrastructure investment, and ongoing structural reforms, global trade challenges are likely to dampen India’s expansion. The ADB also projected a similar 6.5% growth rate for FY27, highlighting continued caution amid external headwinds for the Indian economy.

India’s smartphone exports to the United States surged by 148% year-on-year in August 2025, according to the India Cellular and Electronics Association (ICEA). Exports to the US rose from USD 388 million in August 2024 to USD 965 million in August 2025, showcasing the sector’s robust performance under the Production-Linked Incentive (PLI) scheme. Despite some reports suggesting a slowdown, ICEA clarified that the growth demonstrates resilience in India’s smartphone export ecosystem, driven by high-volume production, strategic partnerships with global manufacturers, and seasonal factors that typically influence monthly shipment trends. This growth reinforces India’s rising prominence in global smartphone exports.