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Current affairsIMF World Economic Outlook October 2026: India's Growth Upgraded to 7%, Fastest-Growing Major EconomyThe International Monetary Fund (IMF) released its World Economic Outlook (WEO) report titled "Resilience Under Strain, Urgent Choices" on October 14, 2026, upgrading India's FY27 GDP growth forecast to 7% — a 60-basis-point upward revision from the July 2026 WEO. India is projected as the world's fastest-growing major economy, outpacing China (4.5%) by 2.5 percentage points, driven by resilient domestic demand and robust services activity even as global growth faces headwinds from energy price volatility and Middle East conflict spillovers. Current affairsOECD Raises India's FY2027 GDP Growth Forecast to 7.1%: 80 Basis Points Upgrade in September 2026 Interim Economic OutlookThe Organisation for Economic Co-operation and Development (OECD) raised India's GDP growth forecast for FY2026–27 to 7.1% in its September 2026 Interim Economic Outlook — an upgrade of 80 basis points from the June 2026 estimate of 6.3% — citing resilient domestic demand, rural recovery, and easing global commodity prices. India remains the fastest-growing major economy in the OECD's projection table. Current affairsADB Raises India's FY2026-27 GDP Growth Forecast to 7%: Asian Development Outlook September 2026The Asian Development Bank (ADB) upgraded India's FY2026-27 GDP growth forecast from 6.6% to 7.0% in its Asian Development Outlook (ADO) September 2026 update, citing 7.8% year-on-year growth in Q1 FY27, robust investment demand, resilient consumption, and strong manufacturing and services expansion. FY2027-28 is projected at 7.1%. Current affairsIndia's Real GDP Grows 7.8% in Q1 FY2026-27: MoSPI Data, Sectoral Drivers, and Exam SignificanceIndia's real Gross Domestic Product (GDP) grew at 7.8% in the first quarter of FY2026-27 (April–June 2026), up from 6.9% in Q1 FY2025-26, as per MoSPI's Quarterly Estimates released on August 31, 2026. Real GDP at constant 2011-12 prices reached ₹81.36 lakh crore, reaffirming India's position as the world's fastest-growing major economy. The services sector and manufacturing are the primary drivers. Current affairsDAC Approves ₹1.10 Lakh Crore Defence Procurement: India's Largest-Ever Capital Acquisition — CBRN Vehicles, ALH, Sarvatra Bridge and 98% IndigenisationThe Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, granted Acceptance of Necessity (AoN) on 7 September 2026 for capital acquisition proposals worth ₹1.10 lakh crore covering CBRN Recce Vehicles, Advanced Light Helicopters, the Sarvatra Bridge System, Arudhra Radars, Marine Gas Turbines, and electronic-warfare jammers — with approximately 98% of procurement sourced from Indian industry under the Atmanirbhar Bharat push. Current affairsJapan's JCR Upgrades India's Sovereign Rating to 'A-': First Upgrade in Decades and What It MeansJapan's JCR upgraded India's sovereign credit rating to 'A-' (Stable) on September 2, 2026 — the first time India has achieved an 'A' category rating from JCR. The upgrade cites India's GDP growth above 6%, fiscal deficit declining to 4.4% of GDP, and Gross NPA ratio reaching a decade-low of 1.8% by March 2026. Current affairsMoSPI Revises GDP Base Year to 2022-23: PPI Replaces WPI, Double Deflation Adopted — What Changes and Why It MattersThe Ministry of Statistics and Programme Implementation (MoSPI) has released the National Accounts Statistics (NAS) 2026 with a revised base year of 2022-23, replacing the earlier 2011-12 series. The Wholesale Price Index (WPI) has been replaced by the Producer Price Index (PPI) for GDP deflation, and India has adopted the Double Deflation Method — aligning with IMF standards and providing a more accurate picture of sectoral value addition in the economy. Current affairsIndia's GDP Grows 7.8% in Q1 FY2026-27: Manufacturing and Services Drive Expansion, Beats RBI ForecastIndia's real GDP grew 7.8% in Q1 FY2026-27 (April–June 2026), as per MoSPI data released on 31 August 2026, surpassing both the RBI's 7% estimate and a Reuters poll forecast of 7.1%. Nominal GDP rose 10.3% to ₹88.27 lakh crore, driven by strong manufacturing (9.2%), financial services (12.1%), and construction (7.7%) growth. Current affairsG20 Finance Ministers and Central Bank Governors Meeting, Asheville 2026: Debt Restructuring, Digital Assets, Cross-Border Payments, and India's Priorities Under the US PresidencyG20 Finance Ministers and Central Bank Governors met at Asheville, North Carolina, USA on 31 August – 1 September 2026 under the 2026 US G20 Presidency. India's Finance Minister Nirmala Sitharaman participated, with key agenda items spanning debt transparency, global imbalances, digital asset regulation, cross-border payments reform, and private-sector-led growth — each with significant implications for India's financial diplomacy and economy. Current affairsIndia-US Javelin Anti-Tank Missile Deal 2026: FMS Route, Fire-and-Forget Technology, and India's Atmanirbhar Defence StrategyIndia signed a Letter of Offer and Acceptance (LOA) with the United States on August 28, 2026 for the FGM-148 Javelin man-portable anti-tank guided missile system via the US Foreign Military Sales (FMS) route. The deal, valued at approximately $45.7 million, covers ~100 Javelin rounds and 25 Lightweight Command Launch Units (CLUs), with potential co-production arrangements under Atmanirbhar Bharat in defence.