Fiscal Policy & Budget (Indian Economy).
Syllabus: UPSC Pre GS1: Economic & Social Development; Mains GS3
Pay Commission for UPSC: what CPCs do, history from 1st to 7th, 8th CPC terms of reference and members, fitment factor, fiscal…
GST for UPSC: 101st Amendment and Articles 246A, 269A and 279A, GST Council voting, taxes subsumed, items outside GST, 2025 rate reform,…
FRBM Act for UPSC: why it was passed, targets, required statements, N.K. Singh review, 2018 amendment, escape clause and the new debt…
Fiscal deficit for UPSC: revenue, effective revenue, fiscal and primary deficit with formulas, FRBM Act and NK Singh review, debt targets, financing…
Finance Commission for UPSC: Article 280, composition, vertical and horizontal devolution, the 15th FC formula, the 16th FC (2026-31) and real Prelims…
On 14 October 2026 the Cabinet Committee on Economic Affairs approved 10955230 Canada Inc., a Fairfax Financial Holdings entity, as strategic buyer of 60.72% of IDBI Bank for about Rs. 52,878 crore. The Government sells 30.48% and LIC 30.24%. The winning bid of Rs. 81 a share beat the Rs. 75.99 benchmark.
UPSC angle: Prelims: stake split, residual holdings, PCA dates, valuation methods. · Mains GS-III: disinvestment, bank privatisation, FDI in financial services.
14 Oct 2026
On 13 October 2026 the National Land Monetization Corporation held Day 1 of its first end-to-end e-auction of surplus RINL land in Visakhapatnam. Buyers took 150 plots for ₹366.33 crore against a ₹312.48 crore reserve. Phase 2, covering 216 plots, is set for 30 October 2026.
UPSC angle: Prelims: NLMC, RINL, auction figures. · Mains GS-III: asset monetisation and CPSE reform.
13 Oct 2026
The National Statistics Office has released a draft guideline for States and UTs to estimate Gross State Domestic Product from the expenditure side, with base year 2022-23. Today some States compile government consumption and capital formation, but none estimates private consumption. Comments are invited till 28 October 2026.
UPSC angle: Prelims: GDP measurement concepts. · Mains GS-III: national income accounting.
9 Oct 2026
The 57th GST Council meeting on 8 October 2026 focused on process reform rather than rates. It recommended removing arrest powers under GST, raising the prosecution threshold from ₹1 crore to ₹5 crore, cutting the general penalty from ₹25,000 to ₹10,000, no notices below ₹10,000 tax, wider input tax credit and refunds, and limits on interception of goods in transit.
UPSC angle: Prelims: GST Council structure, Article 279A. · Mains GS-III: indirect tax reform; GS-II: fiscal federalism.
8 Oct 2026
On 25 September 2026 the Government, in consultation with the RBI, said it will borrow ₹7,86,000 crore through dated securities in the second half of 2026-27, using 23 weekly auctions. This includes ₹15,000 crore of Sovereign Green Bonds. Full-year dated borrowing is now put at ₹15,99,506 crore, below the Budget Estimate.
UPSC angle: Prelims: who manages government borrowing; what Sovereign Green Bonds fund. · Mains: Borrowing below BE: what it implies for fiscal deficit and bond yields.
25 Sep 2026
From 1 October 2026, domestic LPG consumers must complete Biometric Aadhaar Authentication (BAA) to book refills at the subsidised regulated price (PIB, 19 September 2026). By 19 September, 27.43 crore consumers, 89.9%, had done it. Those who opt out can still buy 5 kg or 10 kg cylinders at market price, without subsidy.
UPSC angle: Mains: Aadhaar authentication in welfare: efficiency vs exclusion.
19 Sep 2026