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As of 04:20 UTC on October 7, 2026, India’s policy week had three key watchpoints: the RBI’s monetary policy decision was still pending in the available reporting; GST process changes were reported as proposals for the Council to consider, not rules; and September’s PMI figures were flash survey readings, with final data not verified here. The distinction matters: a scheduled announcement, a reported proposal and a preliminary survey are not confirmed policy outcomes.
What is on India’s policy calendar this week?
Business Standard’s October 5 report identified the RBI Monetary Policy Committee (MPC), a possible GST Council discussion of process reforms, September PMI data and foreign-exchange reserves as the week’s main items. The timeline below reflects what that report said was scheduled and what was established by the stated October 7, 04:20 UTC cutoff—not later outcomes.
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| Item | Timing reported | Status at the cutoff |
|---|---|---|
| RBI MPC meeting | October 5–7 | The meeting was scheduled; the October decision was not confirmed in the available reporting. |
| Final HSBC India PMI data for September | Due October 6 | Flash readings were reported; final readings were not verified. |
| GST Council process reforms | Possible consideration on October 7 | Reported agenda and proposals, not adopted changes. |
| RBI foreign-exchange reserves data | Due October 9, for the week ended October 2 | Upcoming release; the figures cited in the October 5 report covered the earlier week ended September 25. |
The GST Council is a constitutional body established under the Constitution (One Hundred and First Amendment) Act, 2016. Its official meeting archive, as surfaced in the available material, listed meetings through the 56th meeting in September 2025; it did not corroborate an October 2026 agenda or outcome.
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What did the RBI MPC decide?
The October decision was still pending at the stated cutoff. Do not treat the previous meeting’s rates as the October outcome. Business Standard reported that 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%, while the marginal standing facility (MSF) rate and bank rate were 5.5%.
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Business Standard also attributed a 6.7% real GDP growth expectation for 2026–27 to RBI Governor Sanjay Malhotra. That is an attributed expectation in the report, not an October MPC decision or an independently confirmed forecast in the available material.
What GST Council changes might be considered?
Business Standard reported that the Council might consider process reforms on October 7. These were possible proposals, not changes shown to have been approved or brought into force. The reported areas for discussion included:
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- Simpler GST registration and return filing.
- More predictable movement of goods.
- Protection of genuine buyers’ input tax credit (ITC).
- Less litigation over low-value tax disputes.
Reported proposal for some small e-commerce sellers
One specific reported proposal would allow certain small e-commerce sellers to use a platform warehouse as their registered place of business in states where they do not have premises. The reported conditions included a genuine presence in one state, physical verification and Aadhaar authentication there, and the platform’s consent for registrations in other states. The reporting does not establish that the Council adopted this route or that it is available under current rules.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWhat 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. Each was above 50, the survey’s threshold for expansion. The report said the composite reading had remained above 50 for 62 consecutive months. These are survey measures of business conditions, not direct readings of official GDP or economy-wide output.
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| PMI measure | September flash reading | August reading | Change |
|---|---|---|---|
| Manufacturing | 55.7 | 52.8 | +2.9 points |
| Services business activity | 55.8 | 54.1 | +1.7 points |
| Composite | 56.5 | 54.3 | +2.2 points |
The point changes are arithmetic comparisons of the flash September figures with the August readings reported by Business Standard. The same report said firms reported faster new-business growth and stronger demand in 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 evidence that every business or sector experienced the same conditions. Although final September data were due October 6, the available reporting did not verify their values.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do the latest reported foreign-exchange reserves figures cover?
The reserves figures in Business Standard’s October 5 report are for the week ended September 25—not the October 2 week scheduled for release on October 9. The report put total reserves at $747.6 billion, down $18.3 billion week on week, and foreign currency assets at $615.4 billion, down $15.6 billion. It described the total-reserves fall as the largest weekly decline on record. The same report said reserves had reached $785.7 billion for the week ended September 4. These are historical figures cited in secondary reporting and should not be mistaken for the pending October 2 release.
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