The Economic Times

The US economy grew 2.2 percent in the second quarter from April to June, the Commerce Department announced recently. Consumer spending and business investment helped propel the growth of the economy. The large increases in imports cut into GDP growth. Spending by consumers was up 3.8 percent, while investment by businesses, less housing, climbed 9 percent. The revised estimate was sharply higher than the 1.5 percent the government had estimated in July.

In August, the Reserve Bank's net short forward positions increased significantly to $200 billion. This rise follows a net short position of $136 billion recorded in July. Long dollar positions also saw an addition, indicating ongoing market adjustments. Economists suggest that the RBI is facing challenges in managing these short positions effectively.

New regulations from the Reserve Bank of India will mandate reporting of international credit card transactions starting October 1. Consumers may need to provide details on all payments for services purchased abroad, leading to potential compliance challenges. The existing framework lacks clarity on how individuals will report these transactions to banks. While international credit card purchases are part of the Liberalised Remittance Scheme, the reporting process remains unclear.

Telecom operators and consumer groups differed sharply over TRAIs proposed rules for 5G network slicing, coverage map accuracy and service quality benchmarks. Airtel and Jio opposed the proposed 80% network resource utilisation threshold, while consumer groups backed it. Industry bodies also flagged net neutrality concerns and implementation challenges.

Naveen Jindal, chairman of Jindal Steel, is considering a 5-billion bid for European steelmaker Celsa to enhance his operations. The discussions are at a preliminary stage and could attract competition from other bidders. Celsa, headquartered in Barcelona, has a manufacturing capacity of 7.5 million tonnes and is focused on long steel products. The creditors controlling Celsa have invested significantly to stabilize the company's finances after a lengthy restructuring.

HDFC Capital Advisors has joined forces with Shalimar Corp to establish a significant Rs 750 crore real estate development platform. This collaboration aims to enhance residential and mixed-use projects in prominent Uttar Pradesh cities like Lucknow and Varanasi. The venture envisions a development potential surpassing 5 million sq ft, inclusive of around 3,000 residential units.

Gold hallmarking charges have risen significantly, causing concern among industry stakeholders regarding potential fraud. Awareness of the Hallmark Unique Identification number remains low across various cities in India. The All-India Gem and Jewellery Domestic Council has highlighted the challenges jewelers face due to increased costs and processing times. They are advocating for a return to previous hallmarking rates to alleviate financial burdens.

India's new CAFE 3 emission norms are set to reshape automakers' investment strategies by promoting cleaner technologies alongside electric vehicles. These regulations introduce a credit system for various powertrains, encouraging firms to rethink their portfolios and investments through March 2032. This shift could impact companies heavily invested in battery EVs, offering a broader compliance path for others.

Finance minister Nirmala Sitharaman met small-trader representatives on Wednesday, following which the AICPDF and AIMRA withdrew their proposed No UPI Day protest on October 2.

Commerce and industry minister Piyush Goyal invited American manufacturers to expand in India and partner with Indian SMEs, highlighting opportunities in advanced manufacturing, technology, innovation and resilient supply chains.

The Centre extended the duty refund scheme Remission of Duties and Taxes on Exported Products (RoDTEP) and the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for exporters of apparel, garments and made-ups by three months to December 31 along with continuing the enhanced insurance cover against payment defaults until March 31, 2027, for export consignments to West Asia under the Export Promotion Mission.

Indias obesity drug market is set for a new phase as Novo Nordisks oral Wegovy and Eli Lillys oral GLP-1 orforglipron are expected to launch in the first half of 2027. Industry sources said both have been submitted to Indian regulators, potentially expanding demand beyond injectable treatments.

Indias formal manufacturing sector recorded broad-based growth in 2024-25, with GVA rising 9.6% to 26.9 lakh crore and industrial output increasing 7.8% to 165.2 lakh crore, according to the Annual Survey of Industries. Invested capital grew 11.1% to 75.6 lakh crore, while the number of establishments rose 2.6%.

The Centres fiscal deficit rose to 7.1 lakh crore, or 41.9% of the FY27 target, by August, up from 6 lakh crore a year earlier, official data showed.

Little Island transformed an abandoned pier into a public park on Manhattan's Hudson River. Barry Diller funded the project to create a space for everyone to enjoy nature and the arts. The park features 132 concrete supports and hosts performances as well as everyday recreational activities. It is part of the larger Hudson River Park, which integrates green spaces along the waterfront.

At present, imports of chana attract a 10% duty, while yellow peas are subject to a 30% duty. Tur and urad imports are allowed duty-free until March 31, 2027. The proposed reduction in duties on chana and yellow peas would be to improve domestic availability and contain prices. Prices of chana, moong, matar and tur have risen by up to 10% over the past month, with a 3-5% spike in the past week, as concerns over crop prospects combine with higher festive demand.

The BJP criticized the INDIA bloc's upcoming 'Save Democracy' campaign, referring to it as a 'Save Dynasty' initiative. Union minister Shivraj Singh Chouhan accused the opposition of lacking a unified agenda and suggested their efforts were an excuse for electoral failures, emphasizing their focus on attacking constitutional institutions instead of self-reflection.

The October Horoscope 2026 points to one especially lucky day for each zodiac sign. For some signs, the best days of the month could open the door to a fresh start.

The Darjeeling Himalayan Railway (DHR) has been named among Lonely Planets 50 Best in Travel 2027 destinations, with Darjeeling recognised as a top destination for a toy-train journey.

Making mindful food choices can play a crucial role in managing weight and curbing cravings throughout the day. Delhi nutritionist Lovneet Batra recommends ten nutritious snacks such as spiced buttermilk, roasted sweet potatoes, and fresh veggies paired with hummus to enhance fullness. It's essential to keep an eye on portion sizes, especially for calorie-rich options like peanut butter and mixed nuts.

The name Jon Bon Jovi needs no introduction. Known for hit songs such as Livin' On A Prayer, You Give Love A Bad Name, Bad Medicine, etc., the iconic rockers charity foundation has assisted several thousand people across 12 states in the USA through meals and affordable housing units since 2006.

LeBron James established the I PROMISE School in Akron, dedicated to aiding students who require both academic guidance and personal support. This innovative institution takes a holistic approach, providing essential services such as housing assistance and nutrition programs for families. By 2025, the school served 343 students, seamlessly merging education with vital community resources to enhance children's prospects by addressing their overall circumstances.

The Centre has decreased the windfall tax on diesel exports to 16 per litre and ATF exports to 10.5. This decision, effective from October 1, follows a previous reduction on September 16. The petrol export tax remains unchanged at 0.5 per litre during this period. Export duties are reviewed every fortnight based on international prices of crude oil and petroleum products.

Argentine Ambassador Mariano Caucino highlighted the growing economic relationship between Argentina and India during a summit in Mumbai. Agriculture, particularly edible oils, serves as a core area of cooperation between the two countries. Argentina is experiencing record supplies of edible oils, significantly contributing to India's food security. In 2025, exports of soybean oil and sunflower products to India are expected to increase substantially.

Twenty-five startups from Gurugram-based Masters Union University received soft funding commitments worth Rs 60.5 crore. The startups presented their business ideas to over 65 investors from various venture capital firms. Notable ventures included Sanyark Space, which develops satellite technology and has previously secured $2 million in funding. A significant trend shows more students choosing entrepreneurship instead of traditional job placements.

In 2015, Will Smith acquired a stunning property in Hawaii, previously owned by NBA legend Kareem Abdul-Jabbar. This beautiful estate, with its three bedrooms and guesthouse, was sold in 2017 for a handsome profit. Its luxurious amenities include a swimming pool, tennis court, and direct access to Secret Beach, complemented by scenic hiking trails and orchards that provide stunning ocean views across the property.

Tewolde Gebremariam has received security clearance and will officially take charge of Air India. His appointment follows the announcement made on August 5, replacing Campbell Wilson. During a recent townhall, Gebremariam emphasized the importance of cost discipline in Air India's operations.

India's domestic air passenger traffic fell by 7.5% in August compared to the previous year. This drop marks the steepest decline among major domestic aviation markets worldwide. Domestic Revenue Passenger Kilometres decreased, while capacity contracted by 1.2%, leading to a reduced load factor. Other countries like China and Brazil experienced traffic growth, contrasting India's performance. IATA's analysis indicates uncertainty in future travel demand due to various economic factors.

Chief Economic Adviser V Anantha Nageswaran noted that the second half of the fiscal year would be challenging. Rising oil prices and increased global growth risks create a tougher economic environment for India. The economy saw a 7.8% GDP growth in the first quarter, backed by strong indicators like GST collections and credit growth. Upcoming data suggested a GDP growth rate of around 7.3% for July and August.

The story of one little boy from England Jacob, who grew his hair even though he was relentlessly bullied for his long hair, only to gift his silky, pretty hair to a charity for children. He eventually donated his hair for wigs for kids who experienced hair loss. His story went viral on X.

Sudhir Kumar Jha has retired from HDFC Bank effective September 30, 2026, concluding his 22-year tenure. Following his retirement, Jha will no longer hold a senior management position at the bank. HDFC Bank recognized Jha's significant contributions to its legal and compliance framework over the years. Jigar Shah is set to succeed Jha as General Counsel starting October 1, 2026. The transition marks another leadership change within the HDFC Group.

Jio Financial Services and Allianz Europe B.V. have each invested Rs 320.05 crore in Jio Allianz General Insurance through a rights issue, collectively infusing Rs 640.1 crore into their 50:50 joint venture. The insurer will use the funds for business operations, while Jio Financials total investment has reached Rs 375 crore.

The government extended the Remission of Duties and Taxes on Exported Products scheme until December 31, 2026. This extension ensures that exporters receive continued refunds for eligible duties and taxes incurred during production. The existing rates and caps for the scheme remain unchanged during this period. RoDTEP was introduced to help prevent embedded taxes from affecting the pricing of Indian goods abroad.

Crisil has raised its GDP growth forecast for India in FY27 to 7%, reflecting strong domestic demand. Resilient consumer spending and government investment are key factors supporting this growth projection. However, potential inflation risks from a strengthening El Nino and elevated energy prices may pose challenges. The Reserve Bank of India might respond with rate hikes to manage inflation pressures.

The Directorate General of Foreign Trade has announced an extension of the minimum import price validity period. This extension will apply to two pharmaceutical raw materials, namely ATS-8 and Sulfadiazine API. The minimum import price for ATS-8 will be set at USD 111 per kg in the upcoming months. Sulfadiazine API will have a minimum import price of USD 1,774 per kg during this period.

RBL Bank said it received a showcause notice from Maharashtra GST authorities proposing a demand of over Rs 173.08 crore, including interest and penalty, over alleged wrongful input tax credit availment in FY23. The bank said it will respond and expects no material financial impact, citing favourable orders on an identical issue.

IndiGo has appointed Gaurav Hazrati as the new head of its loyalty program, BluChip. In this pivotal role, he will aim to enhance growth and develop a robust rewards ecosystem. With over 18 years of expertise in loyalty and financial services, Hazrati previously served as CEO at Tata Payments Limited, bringing invaluable experience from the Tata Group to help IndiGo flourish in the global airline market.

The Insurance Brokers Association of India (IBAI) has warned that IRDAIs proposed changes to insurance distribution could shrink distribution, increase job losses and slow insurance growth. IBAI supports measures such as banning compulsory insurance bundling with loans, suitability checks and claw-backs for proven mis-selling.

India has invited the global mining community to participate in India Mining Week 2026, scheduled for November. This event aims to foster international collaboration, investment, and expertise in the mining sector. The Ministry of Coal and Ministry of Mines are organizing the conference-cum-exhibition together. Diplomatic representatives have discussed enhancing country-level engagement for the event's success. Officials believe this collaboration will strengthen the mining and minerals sector f

Renowned billionaire investor Ken Griffin has pledged a staggering $3 billion to Carnegie Mellon University. This historic donation will establish a new campus in Miami, opening its doors in 2028, while also enhancing existing operations in Pittsburgh. A significant portion will bolster the university's acclaimed computer science program, embodying the growing trend of enormous contributions to educational institutions.

In the upcoming horror movie Kaali Kheti, Jackie Shroff dives into a chilling narrative that intertwines agriculture with supernatural elements. Set against the backdrop of rural India, it contains deep family secrets and generational legacies. Anticipation is building as the first-look poster captivates fans. Under the direction of Imtiyaz Khan, Kaali Kheti is poised to address pressing societal themes through its haunting story, hitting theatres on October 23.

Vadilal Industries Ltd has signed a revised supply agreement with Vadilal Enterprises for a 12-month period. This agreement is set to be effective from November 1, 2026, to October 31, 2027. The previous 10-year agreement was due to end on September 30, 2026, and could not be renewed. A family dispute within the promoter Gandhi family has complicated operational issues and leadership restructuring.

Crisil Ratings stated that India Inc will manage the expected 0.50 percentage point rate hike. The agency also indicated that rural demand would remain unaffected by weather-related shortfalls. Credit performance outlook is stable despite geopolitical tensions from Middle Eastern conflicts. Growth in the banking system's credit and overall corporate credit stability appears promising for FY27.

Indias external financial position improved marginally in Q1 FY27, RBI data showed. External debt rose $15.4 billion to $778.2 billion, while the debt-to-GDP ratio eased to 20.8%. Net international liabilities increased to $220.3 billion but remained below year-ago levels.

Gandhi Jayanti 2026 Theme, History: October 2 marks the 157th birth anniversary of Mahatma Gandhi, whose leadership, Satyagraha and commitment to non-violence played a major role in Indias freedom struggle. The day is observed as a national holiday in India and is also recognised by the United Nations as the International Day of Non-Violence, highlighting Gandhis enduring global legacy.

Bengaluru product manager Shivank Goel highlighted that the rising cost of living poses significant challenges for young professionals striving to maintain financial stability. The city's vibrant social atmosphere often encourages a culture of overspending, particularly impacting those with limited incomes. Daily financial burdens such as housing and commuting costs can result in overwhelming stress for its residents.

Bajaj General Insurance's MD highlights the need to focus on claim ratios instead of distributor commissions. The insurance regulator recently proposed expense caps for better customer protection. Industry discussions are ongoing to gather insights before formal representations are made. Swiss Re Corporate Solutions will collaborate with Bajaj General to provide tailored insurance solutions for globalizing Indian corporates.

India's total external debt rose by USD 15.4 billion to reach USD 778.2 billion by June 2026. The external debt-to-GDP ratio showed a slight improvement, decreasing to 20.8 percent. Long-term obligations grew to USD 624.7 billion, while short-term debt slightly increased to 19.7 percent of overall external debt.

Prime Video is set to release a diverse lineup in October featuring horror, action, and romance projects. Mike Flanagans adaptation of Stephen Kings Carrie will premiere on October 7. Chris Pratt returns in The Terminal List Season 2, launching on October 21 as well. Additional films like Love of Your Life and Masterplan will debut during the month.