As of October 7, 2026, the RBI’s October monetary-policy decision and any GST Council outcome are not confirmed by the sources available for this update. The week’s calendar also includes September’s final PMI release, scheduled for October 6, and foreign-exchange-reserves data scheduled for October 9. The figures below distinguish those scheduled events from earlier data and reported proposals.
What is on India’s policy calendar this week?
Business Standard’s October 5 report identified four focal points: the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting, a possible GST Council discussion of process reforms, September business-activity data, and the next foreign-exchange-reserves release. The MPC was scheduled to meet October 5–7. Final HSBC India Composite PMI data for September were due October 6, while the RBI’s reserves data for the week ended October 2 were due October 9. Business Standard’s weekly policy report
Those dates are calendar items, not proof that a decision or release occurred. As of this update, the reviewed sources do not confirm the October MPC resolution, final PMI readings, or a GST Council outcome. The distinction matters: a scheduled announcement, a news report about a possible agenda, and an implemented policy are different things.
What did the RBI MPC decide?
The October decision is not established in the available sources as of October 7, 2026. Do not treat the previous meeting’s rates as the October outcome.
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At its August meeting, the six-member MPC kept the repo rate at 5.25% and maintained a neutral stance. The standing deposit facility (SDF) rate was 5%, and the marginal standing facility (MSF) rate and bank rate were 5.5%, according to Business Standard. The report also attributed a 6.7% real GDP growth expectation for 2026–27 to RBI Governor Sanjay Malhotra; that is a secondary report of his expectation, not an independently verified official forecast here. Business Standard’s weekly policy report
To establish the October decision, readers need the RBI’s October 7 resolution. Until that release is checked, the accurate status is pending or unverified—not “rates unchanged” and not a rate change.
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What changes may the GST Council consider?
Business Standard reported that the Council might consider process reforms on October 7. The reported areas included simpler registration and return filing, more predictable movement of goods, stronger protection for genuine buyers’ input tax credit, and less low-value tax litigation. These are reported possibilities, not rules in force or confirmed Council recommendations.
Reported e-commerce registration proposal
One specific proposal would allow some small e-commerce sellers to use a platform warehouse as their registered place of business in states where they do not have their own premises. The report described conditions: the seller would need a genuine presence in one state, physical verification and Aadhaar authentication there, and the platform’s consent for registrations in other states. These conditions describe the reported proposal; they should not be relied on as an available registration route unless official Council recommendations and subsequent notifications confirm it. Business Standard’s weekly policy report
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The GST Council is a constitutional body under the Constitution (One Hundred and First Amendment) Act, 2016. Its official meeting archive, which surfaced entries through the 56th meeting in September 2025, does not corroborate the reported October 2026 agenda or outcome. GST Council official website GST Council meeting archive
What do the September PMI figures show?
Business Standard reported September flash readings of 55.7 for manufacturing, 55.8 for services business activity, and 56.5 for the composite index. The same report said final September data were due October 6, but the reviewed sources do not verify those final figures. Treat the numbers below as flash readings, not final results.
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| Survey measure | September flash | August |
|---|---|---|
| Manufacturing | 55.7 | 52.8 |
| Services business activity | 55.8 | 54.1 |
| Composite | 56.5 | 54.3 |
All readings are from the same survey series as reported by Business Standard. A PMI above 50 indicates expansion in the survey measure; below 50 indicates contraction. The report said the composite index had remained above 50 for 62 consecutive months. These are survey signals, not official GDP growth or a direct measure of output across the whole economy. Business Standard’s weekly policy report
The report described faster new-business growth and stronger demand in surveyed service areas including property, transport, travel, software, and digital services, and manufacturing areas including aluminium, electronics, food, pharmaceuticals, and new product models. Those are reported survey findings, not claims that every business or sector experienced growth.
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What do the latest cited foreign-exchange reserves show?
The next release was scheduled for October 9 and was to cover the week ended October 2. The latest figures cited in Business Standard’s October 5 report instead cover the week ended September 25: total reserves were $747.6 billion, down $18.3 billion in a week, while foreign currency assets were $615.4 billion, down $15.6 billion. The report described the $18.3 billion fall as the largest weekly decline on record. It also reported reserves of $785.7 billion for the week ended September 4. These are secondary-reported figures for past weeks, not the October 2 release. Business Standard’s weekly policy report
For household readers, the reserves figures are a snapshot of the country’s external buffer, not a direct forecast of an individual’s loan rate, deposit rate, or currency cost. The timing and size of the weekly movement should not be confused with a policy decision by the MPC.
Quick Recap
How to read this week’s updates
- RBI: distinguish August’s confirmed rates from the unverified October resolution.
- GST: treat reported agenda items and proposals as possibilities until supported by an official Council outcome and any implementing notification.
- PMI: label the listed September values as flash; do not substitute them for final readings or official output statistics.
- Reserves: separate the September 25 figures from the October 2 reporting week scheduled for release October 9.
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