Net direct tax collections at Rs. 11.89 lakh crore

♦ India’s net direct tax revenue climbed 6.33 percent to over Rs.11.89 lakh crore in the current fiscal year 2025-26 (till October 12), driven by stronger corporate tax collections and slower refund payouts.

♦ The total gross direct tax collection stood at Rs.13.92 lakh crore, up from Rs.13.60 lakh crore during the same period last year.

♦ Refunds issued declined to Rs.2.03 lakh crore, a fall of nearly 16% compared to Rs.2.41 lakh crore in FY 2024-25.

♦ Non-corporate tax stood at around 6.56 lakh crore rupees, up from over 5.94 lakh crore rupees in the same period in 2024. 

♦ For the full fiscal year 2025-26, the government has set a direct tax collection target of Rs 25.20 lakh crore, aiming for a 12.7% increase over the previous year.

♦ The government also plans to raise Rs 78,000 crore from STT in the current fiscal.

Unified Markets Interface (UMI)

♦ Reserve Bank of India (RBI) has developed a Unified Markets Interface (UMI) which is envisioned as new next generation financial market infrastructure.

♦ Asset tokenization converts real-world assets into digital tokens on blockchain, creating fractional ownership and global trading opportunities.

♦ It offers new possibilities for the financial markets in expanding access, improving transparency and enhancing settlement efficiency through smart contracts.

Sugar exports to reach 7.75 lakh tonnes in 2024-25

♦ India exported an estimated 7.75 lakh tonnes (775,000 tonnes) of sugar in the 2024-25 marketing year (October to September), the All India Sugar Trade Association (AISTA) announced on 12 October 2025.

♦ The sugar marketing year runs from October to September.

♦ The government had allowed exports of up to 10 lakh tonnes for 2024-25, beginning January 20, 2025. 

♦ AISTA said mills shipped a total of 7.75 lakh tonnes between February and September, including 6.13 lakh tonnes of white sugar, 1.04 lakh tonnes of refined sugar, and 33,338 tonnes of raw sugar.

♦ About 21,000 tonnes of raw sugar delivered to Special Economic Zone refineries were considered deemed exports.

♦ The largest shipments went to Djibouti (1.46 lakh tonnes), followed by Somalia (1.35 lakh tonnes), Sri Lanka (1.34 lakh tonnes) and Afghanistan (75,533 tonnes).

World Bank raises growth rate forecasts

♦ The World Bank has raised India’s growth forecast for FY26 to 6.5%, up from its earlier projection of 6.3% in June.

♦ The revision reflects resilient domestic demand, a strong rural recovery, and the positive impact of recent tax reforms.

♦ It said, India is expected to remain the world’s fastest-growing major economy, driven by strong consumption growth, improved agricultural output, and rising rural wages.

♦ However, it downgraded the country’s growth forecast to 6.3 per cent for the financial year 2027 on the back of the 50 percent tariff imposed by the US.

♦ For other South Asian economies, the report projects mixed trends.

♦ Bangladesh is expected to grow at 4.8% in FY26, while Bhutan’s forecast has been downgraded to 7.3% due to delays in hydropower construction, although growth is expected to rebound in FY27.

♦ Growth in the Maldives is projected to slow to 3.9%, and Nepal’s economy is likely to expand by only 2.1%, amid recent unrest and heightened political and economic uncertainty.

♦ Sri Lanka, on the other hand, has seen its FY26 forecast upgraded to 3.5% due to strong performance in tourism and service exports.