Business & Finance
GST Collections Hit Second‑Highest Monthly Record as ATF Prices Rise, US Midterms Shift Power to Democrats
In October, India’s goods and services tax (GST) collections reached ₹2.31 trillion, the second‑highest monthly figure on record after ₹2.43 trillion in April 2026. The rise was driven mainly by imports, with import‑related GST revenues up 42% year‑on‑year to ₹72,246 crore, compared with a 16% increase in domestic GST revenues. The growth in import GST is attributed to higher import values caused by rising international commodity prices, rupee depreciation, increased import volumes and stronger manufacturing activity.
Government‑owned oil marketing companies raised aviation turbine fuel (ATF) prices for domestic airlines by ₹1,370 to ₹1.38 lakh per kilolitre for November. This is the fourth consecutive month of ATF price increases. Higher fuel costs and reduced airline capacity have led to a year‑on‑year decline in domestic air passenger traffic in eight of the nine months since the US‑Iran war began. The Supreme Court declined an urgent hearing on a petition alleging exorbitant airfares charged by airlines.
In the United States, the midterm elections resulted in the Democratic Party taking control of both houses of Congress, delivering a strong rebuke to President Donald Trump and his Republican Party. The outcome was interpreted by financial markets as a possible check on Trump’s extreme policy positions, triggering a broad reversion in major asset classes. Most US stock market indices rallied, with the Dow Jones Industrial Average rising 3% and posting its biggest single‑day gain since April last year. Brent crude fell to its lowest level since 4 September, as investors bet that domestic political pressures could push Trump to end or scale back the war with Iran. Gold and silver gained around 2% each, while US bond yields edged lower.
Other notable figures: 75% of Indian business leaders surveyed by Avanade say AI has yet to deliver returns that justify their investments. The Nandini milk brand increased its price per litre across all variants from 1 November, prompting the Bengaluru Hotels Association to warn that restaurant prices may rise. A new viability gap funding scheme for grid‑scale energy storage systems will provide ₹14,500 crore from FY27‑31, aiming to add 92 gigawatt‑hours of storage capacity. Canva’s AI‑driven workforce overhaul affected 1,271 employees, about 22% of its staff, who face job cuts, role changes or relocation. AC Milan and Inter Milan signed a €650 million, 20‑year naming‑rights agreement with insurer Generali for their planned shared stadium in Milan.
Late‑stage funding for Indian startups remains subdued. Data from Tracxn to 26 October show that Indian startups raised about $5.7 billion through Series C and later rounds this year, compared with $6.1 billion in 2025 and $29.7 billion in 2021. The number of funding rounds has fallen from 277 in 2021 to 164 in 2025 and 98 so far in 2026. Global investors are more selective, demanding stronger fundamentals and clearer paths to profitability.
In motorsport, Italian driver Kimi Antonelli became the youngest Formula 1 world champion at 20 years, 2 months and 7 days, after finishing third at the Mexican Grand Prix. He surpassed Sebastian Vettel’s record by about three years and two months and became only the third Italian to win the title, ending a 73‑year wait for the country. Of the 10 youngest F1 title winners, six won their titles this century, reflecting the decline in the age at which drivers enter F1 as teams invest in structured junior programmes.