Industry Lens for October 2026
Government Likely to Introduce Social Media Code for Officials
The government is considering introducing a social media code of conduct for officers and employees amid increasing instances of officials posting reels, videos and personal opinions on platforms such as X, Facebook and Instagram.
The proposed code is expected to provide guidelines on the use of social media by government employees and prevent content that may be considered inappropriate or inconsistent with the conduct expected from public servants.
The issue has reportedly been discussed at senior levels of the government, with officials indicating that the rules would apply across ranks once finalised.
The move follows concerns over some government employees sharing content that highlights their official roles or work-related activities in ways that may not align with existing expectations of public service conduct.
Currently, there are no specific social media guidelines applicable to all government officials. The proposed framework is expected to address this gap by establishing clearer standards for online behaviour.
Japan Credit Rating Agency Upgrades India’s Sovereign Rating
Japan Credit Rating Agency Ltd (JCR) has upgraded India’s sovereign credit rating by one notch to A- from BBB+, citing sustained economic growth, effective policy measures, stronger financial systems and improving quality of government expenditure.
JCR also raised India’s country ceiling rating to A and assigned a stable outlook for both foreign-currency and local-currency long-term issuer ratings.
The agency noted that India’s economy has maintained growth of around 7 per cent, supported by strong private consumption and public investment. It said the economy expanded by 7.7 per cent in 2025-26 and is expected to maintain growth of over 6 per cent in FY27.
The rating agency had maintained India’s BBB+ rating since 2007, including periods of global financial crisis, pandemic-related disruption and geopolitical challenges.
JCR said India’s stronger economic fundamentals, policy framework, fiscal trajectory and financial sector resilience supported the upgrade.
AI Changing Nature of Work, Not Eliminating Jobs: Microsoft India Head
Companies are not using artificial intelligence (AI) as a reason to cut jobs, but the technology is changing the nature of work and creating demand for new skills, said Puneet Chandok, President, Microsoft India and South Asia.
Speaking to Business Standard, Chandok said AI represents a transition phase similar to previous technological shifts and requires organisations and employees to adopt new ways of working.
“I actually disagree with that,” Chandok said when asked whether AI was leading to job losses. “I don’t think organisations are looking at this to cut jobs. They are now getting used to the reality that for the first time they are not just using capital, they also have token capital. We have to get more people to work together for a lot of that return on investment (RoI) to at least show up.”
He highlighted that AI is creating new roles such as forward design engineers, agent office traders and enterprise ontology experts, which did not exist earlier.
Microsoft’s 2026 Work Trend Index showed that AI adoption is creating new work patterns. According to the company, 32 per cent of Microsoft’s AI research users in India are classified as frontier professionals working with AI agents, compared with a global average of 16 per cent.
GIFT-IFSC Funds’ Commitments Cross $45 Billion
The fund management ecosystem at Gujarat International Finance Tec-City (GIFT City) continued its expansion during the April-June quarter, with cumulative commitments by non-retail schemes in the International Financial Services Centre (IFSC) rising to $45.08 billion as of June 30, 2026.
According to the latest quarterly bulletin of the International Financial Services Centres Authority (IFSCA), cumulative funds raised increased to $22.93 billion from $19.51 billion at the end of March.
Investments by these funds also increased to $21.05 billion from $19.67 billion during the quarter.
The number of Fund Management Entities (FMEs) operating in the IFSC increased to 235 from 217, while the number of funds and schemes rose to 401 from 360.
Investor participation also expanded significantly, with the total number of investors across IFSC fund schemes increasing to 16,150 in June from 9,594 in March, supported largely by growth in retail investor participation.
India Capable of Becoming Global Shipbuilding Hub: Rajnath Singh
Defence Minister Rajnath Singh has said that India has the potential to become a global shipbuilding hub as the country seeks to expand its maritime manufacturing capabilities.
Speaking during the virtual foundation stone-laying ceremony for five expansion projects of Garden Reach Shipbuilders and Engineers (GRSE) and Yantra India Ltd in Kolkata, Singh highlighted that the projects involve an investment of nearly Rs. 3,500 crore in West Bengal.
“India is capable of becoming a global shipbuilding hub. There is a vacuum occurring in the global shipbuilding industry, and India can capture this opportunity,” he said.
The projects include three facilities of GRSE and two facilities of Yantra India. GRSE has signed lease agreements with Syama Prasad Mookerjee Port, Kolkata, for two small shipyards on both banks of the Hooghly River and a 32-acre riverside property at Raichak to enhance warship construction and refit capabilities.
The expansion is expected to strengthen shipbuilding capacity while supporting employment generation and opportunities for ancillary industries, particularly MSMEs.
India Emerges as Key Petrol Supplier to Russia
India has emerged as an important supplier of gasoline (petrol) to Russia as the country increases fuel imports following disruptions to domestic refinery operations, according to ship tracking data.
Russia’s seaborne gasoline imports reached a record level of around 125,000 barrels per day in August, equivalent to approximately 470,000 tonnes for the month, as repeated attacks on Russian refineries affected fuel production.
Trade sources said Indian refiners supplied around 1 million barrels of gasoline over the last two months. A significant portion of these supplies came from the Vadinar refinery in Gujarat operated by Nayara Energy, which is partly owned by Russia’s Rosneft.
India has increased purchases of Russian crude oil since 2022, becoming a major buyer of Russian energy supplies. India imported more than 2.6 million barrels per day of Russian crude in June and July, accounting for over half of its crude imports.
EV Charging Stations Rise Nearly Sixfold Since 2022
India’s electric vehicle (EV) charging infrastructure has expanded significantly, with the number of charging stations reaching 29,151 by December 2025, nearly six times higher than around 5,000 stations recorded in 2022.
According to a Rubix Data Sciences report citing Ministry of Heavy Industries data, more than 200 charging point operators are currently active across the country.
The top 10 states account for nearly 78 per cent of India’s charging station base, led by Karnataka with 21 per cent share, followed by Maharashtra at 14 per cent, Uttar Pradesh at 8 per cent, Delhi at 7 per cent and Tamil Nadu at 6 per cent.
India had 67,657 chargers as of August 7, 2026, including battery swapping stations. Growth has been supported by rising EV adoption, simplified licensing norms and participation from oil companies, utilities and automobile manufacturers.
The PM E-DRIVE scheme has also been extended until March 2028 with an increased outlay of Rs. 11,900 crore, including Rs. 2,000 crore for public charging infrastructure.
India’s Tyre Exports Rise 16% to Rs. 7,700 Crore in Q1
India’s tyre exports increased 16 per cent year-on-year to Rs. 7,700 crore during the April-June 2026 quarter despite global uncertainties, supply chain challenges and higher input and logistics costs, according to the Automotive Tyre Manufacturers’ Association (ATMA).
The industry’s performance builds on record tyre exports of Rs. 27,312 crore achieved during FY2025-26. ATMA said improved market access through trade agreements and supportive export policies could further strengthen India’s position as a global tyre manufacturing hub.
Passenger Car Radial (PCR) tyre exports recorded strong growth, increasing 21 per cent in value terms during the quarter.
ATMA Chairman Arun Mammen said, “The significant growth in tyre exports during the first quarter represents a strong start to the new financial year.”
Europe emerged as a major growth market, with exports increasing 25 per cent to Rs. 3,003 crore. The region accounted for nearly 40 per cent of India’s total tyre exports, while the US remained the largest individual export destination with a 16 per cent share.
Indian tyres are currently exported to more than 170 countries.
ITR Filing for AY 2026-27 Touches Record 7.8 Crore
Income tax return (ITR) filings for assessment year (AY) 2026-27 have crossed a record 7.8 crore as of August 31, 2026, according to the Income Tax Department.
The department stated that the latest figure surpassed the previous year’s filing level, when more than 7.3 crore ITRs were filed by September 16, 2025, the extended deadline for non-audit cases for AY 2025-26.
The total filings include more than 5.9 crore ITR-1 and ITR-2 forms submitted by the July 31 deadline. August 31, 2026 was the deadline for taxpayers with business or professional income who were not required to undergo audit.
Different categories of taxpayers file different ITR forms. ITR-3 applies to individuals and Hindu Undivided Families with business or professional income, while ITR-4 is designed for small and medium taxpayers. ITR-5 covers firms, Limited Liability Partnerships and cooperative societies, while ITR-6 is applicable to companies and ITR-7 to trusts and charitable institutions.
Maharashtra Plans Tokenisation Framework for Land Assets
Maharashtra is planning to introduce a legislative framework for blockchain-based tokenisation of land and other immovable assets, with the aim of unlocking value from real estate estimated at around Rs. 50 lakh crore.
Announcing the initiative at the Global Fintech Fest, Maharashtra Chief Minister Devendra Fadnavis said the state is working on the Maharashtra Digitisation and Exchange of Land Token Asset Act, or Delta Act, to establish the framework for becoming India’s first “tokenised state”.
The proposed system would enable digital representation and exchange of ownership or economic rights linked to physical assets, potentially making traditionally illiquid assets easier to finance and transact.
The framework is being developed with participation from institutions including the Bombay Stock Exchange, National Stock Exchange, industry representatives, technology experts, legal professionals and academia.
Fadnavis said that innovation at such a scale would require legal certainty, consumer protection and regulatory trust.
Rupee Strengthens on FCNR(B) Inflows and RBI Measures
The Indian rupee strengthened to a two-month high, closing below 95 at 94.95 per US dollar, supported by strong foreign currency non-resident (bank) [FCNR(B)] deposit inflows and possible Reserve Bank of India intervention.
The appreciation came after the RBI introduced a concessional swap facility to encourage banks to raise fresh three-to-five-year FCNR(B) deposits and convert foreign currency inflows into rupee liquidity.
Market participants estimate that banks mobilised significant FCNR(B) deposits during the period when the facility was available. The RBI measures also included incentives related to external commercial borrowings and foreign capital inflows.
Dilip Parmar, Senior Research Analyst, HDFC Securities, said, “On the technical front, spot USDINR is facing a tough resistance at 95.30 resistance, while a firm support has been seen around 94.50. However, traders should buckle up for a bumpy ride ahead as geopolitical news and surging crude oil prices are locked and loaded to trigger some serious volatility.”
India’s foreign exchange reserves reached an all-time high of $729.328 billion for the week ended August 21, 2026.
India Joins US-Led Group for 6G Development
India has joined a group of 25 countries, including the United States, that will collaborate on the development and deployment of next-generation 6G telecommunications networks.
The US Department of Commerce announced that the agreement was finalised following a bilateral meeting between US Commerce Secretary Howard Lutnick and Union Minister of State for Commerce and Industry Jitin Prasada during the G20 Innovation Ministerial.
“Secretary Lutnick met with minister Prasada… to discuss future of 6G.. we are pleased to announce that India has joined the US and 24 other countries in the effort to ensure that next generation networks reflect our shared security interests, strengthen our competitiveness, and drive innovation in 6G,” the US Department of Commerce said.
During discussions, India and the US also exchanged views on cooperation in semiconductors, artificial intelligence and data centres.
Prasada highlighted these areas as key building blocks of the emerging digital economy and discussed strengthening AI technology partnerships and safeguards.
Small Firms, Not Large Corporations, Will Drive Job Creation: Nandan Nilekani
India’s future job creation opportunity will come from millions of small companies rather than a limited number of large enterprises, said Nandan Nilekani, Non-Executive Chairman of Infosys, at the Global Fintech Fest 2026.
Highlighting concerns around artificial intelligence (AI) and employment, Nilekani said large companies may use AI to improve efficiency and reduce certain roles, while smaller businesses could create more diverse employment opportunities.
“One of the big concerns in the AI age is what happens to jobs. It’s a legitimate concern. Large companies can apply AI effectively to reduce jobs. Therefore, if you want to create an economy that’s lively and is generating jobs, it’s going to come from having millions of small companies, not a few big companies,” Nilekani said.
He said smaller enterprises can benefit from emerging technologies such as AI agents and tokenisation, which can help them access capabilities traditionally available only to larger organisations.
“In the old days, you had to have a giant company with a treasury desk, research team, credit rating, sales team. A small business can have a 24×7 agent, the best analysis on the internet, a token that proves itself in the marketplace. You can sell it or get a loan against it. We believe that tokens and agents are important because it’s actually about inclusion,” he said.
Nilekani added that digital infrastructure should enable small businesses to participate in the economy with capabilities similar to larger companies.
UIDAI Explores Making Aadhaar Available for Global Indian Community
The Unique Identification Authority of India (UIDAI) is exploring ways to extend Aadhaar infrastructure internationally for Indians living overseas, including Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs).
Speaking at the Global Fintech Fest 2026, UIDAI CEO Saurabh Vijay said the authority is working on proof-of-concept initiatives to test the interoperability of Aadhaar systems beyond India.
Aadhaar has completed more than 185 billion authentications since the first Aadhaar number was generated in Maharashtra’s tribal Nandurbar district in 2010. The identity system has become a key part of India’s digital public infrastructure.
Vijay said the focus is now on making Aadhaar international by improving interoperability with systems in other countries. UIDAI is also developing a legal framework and policies that could enable OCIs to benefit from the Aadhaar ecosystem.
“I think for Aadhaar, the focus now is making Aadhaar international. We really want to work on the interoperability part of it — how to make it more possible. So already some PoCs (proof of concept) are happening. “Our legal framework is also going (in that direction) to make Aadhaar international. We are working on policies to make it (available) for overseas citizens of India (OCIs) so that it brings in more investment,” he said.
AI Could Become Existential Risk Without Strong Safeguards: UN Rights Chief
Artificial intelligence could become an “existential risk to humanity” if governments fail to establish stronger safeguards and oversight mechanisms, UN High Commissioner for Human Rights Volker Turk has warned.
Addressing the Human Rights Council in Geneva, Turk called for binding rules, independent supervision and clear limits for AI systems as they become more advanced and capable of operating with reduced human intervention.
He said AI risks are expanding beyond concerns such as misinformation and job displacement, with increasing questions around whether highly autonomous systems could behave in ways that developers cannot control.
According to UN News, Turk emphasised the need for stronger safety measures before AI systems become too powerful to manage.
“AI that escapes its testing environment, or blackmails developers to prevent itself from being turned off, is AI that is too powerful,” Turk told the council.
The comments highlight growing global discussions around AI governance, responsible development and the need for effective oversight frameworks.
87% Small and Medium Businesses Say AI Tools Improve Advertising: Amazon Report
Artificial intelligence (AI) is helping small and medium-sized businesses (SMBs) overcome traditional barriers related to advertising costs, complexity and limited resources, enabling wider access to advanced marketing solutions.
According to a report by Amazon Ads, 87 per cent of SMBs said AI-powered advertising tools have helped them access advertising channels, audiences or formats that previously appeared difficult to reach, including high-impact formats such as streaming television.
The report highlighted that AI is not only improving accessibility but also supporting business growth. Around 75 per cent of businesses surveyed said AI-enabled advertising contributed to business expansion, while 68 per cent reported that simplified AI tools helped unlock greater creativity in their advertising campaigns.
The report was commissioned by Amazon Ads and conducted by Opinium, with data collected between April 7 and April 23.
Kapil Sharma, Director, Amazon Ads India, said the adoption of AI-powered advertising tools among Amazon advertisers in India increased by 77 per cent year-on-year. He added that SMBs generated 62 per cent more ad creatives using these tools in the first quarter of FY26 compared with the previous year.
Cabinet Approves Rs. 20,804 Crore Railway Multitracking Projects Across Nine States
The Union Cabinet has approved eight railway multitracking projects across nine states with an estimated investment of Rs. 20,804 crore, aimed at improving connectivity, reducing congestion and increasing freight capacity.
Railways Minister Ashwini Vaishnaw said the projects will cover approximately 1,196 km of railway network across southern, eastern and central regions of the country.
The approved projects include Arakkonam–Renigunta third and fourth line, Whitefield–Bangarapet third and fourth line, Hosur–Omalur doubling, Salem–Karur–Dindigul doubling and Secunderabad–Kazipet multitracking projects.
The southern projects will cover districts across Tamil Nadu, Andhra Pradesh, Karnataka and Telangana, while other projects will strengthen railway infrastructure in West Bengal, Jharkhand, Odisha, Madhya Pradesh and Chhattisgarh.
The expansion is part of the government’s plan to strengthen high-density railway corridors by adding additional lines. The projects are expected to improve transportation efficiency, support industrial activity and provide better connectivity for around 10 million people.
The Railways expects these projects to generate additional freight handling capacity of nearly 74 million tonnes.
GST Collections Grow 14.8% to Rs. 1.99 Lakh Crore in August
India’s Goods and Services Tax (GST) collections continued their strong momentum, growing at double-digit rates for the third consecutive month, supported by higher domestic consumption and increased import-related revenue.
GST collections in August rose 14.8 per cent year-on-year to Rs. 1,99,853 crore. Revenue from imports increased by 29 per cent, while collections from domestic transactions grew 9.3 per cent.
Import-related GST revenue stood at Rs. 62,604 crore, supported by higher commodity prices, including crude oil, fertilisers and bullion. Domestic consumption growth, particularly in sectors such as automobiles and consumer goods, also contributed to revenue performance.
MS Mani, Partner, Deloitte India, said the collections indicate continued economic activity and consumption despite global uncertainties. He suggested that the GST Council consider further measures to reduce compliance burden and rationalise certain requirements.
Saurabh Agrawal, Partner, EY India, said growth in exports across electronics, mobile phones and automobiles reflected improving integration with global value chains.
After refunds, net GST collections stood at Rs. 1,68,057 crore, registering growth of 8.3 per cent.
India Allows Exporters to Receive Payments in Rupees Under Revised Trade Rules
India has eased foreign trade regulations to allow exporters to receive payments in Indian rupees while continuing to access benefits under the country’s Foreign Trade Policy.
The Directorate General of Foreign Trade (DGFT) amended the Foreign Trade Policy 2023, aligning export payment rules with existing Reserve Bank of India regulations. The move provides exporters with an additional payment mechanism alongside transactions conducted in freely convertible currencies.
Under the revised framework, exporters dealing with countries outside the Asian Clearing Union (ACU) arrangement can now enter into contracts and issue invoices either in Indian rupees or foreign currencies. Export payments can also be received through either route.
The policy change supports India’s broader objective of promoting greater international use of the rupee in global trade. The government has clarified that rupee internationalisation is aimed at expanding currency usage rather than replacing existing global payment systems.
The move is expected to provide exporters with greater flexibility in international transactions and strengthen India’s participation in global trade.
