UPSC Current Affairs — 16 October 2026
6 syllabus-tagged briefs · 5-question sprint · sources named on every item. How this brief is made →
RBI raises repo rate by 25 bps to 5.50%, shifts stance to calibrated tightening
Why in news: The RBI's Monetary Policy Committee, at its meeting of 5–7 October 2026, voted unanimously to raise the policy repo rate by 25 basis points to 5.50%.
The Monetary Policy Committee (MPC) of the Reserve Bank of India voted unanimously at its 5–7 October 2026 meeting to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.50%. As a result, the standing deposit facility (SDF) rate stands at 5.25%, and the marginal standing facility (MSF) rate and the Bank Rate at 5.75%. The MPC also changed its policy stance to 'calibrated tightening'. The repo rate is the MPC's main instrument for managing inflation and liquidity. Correction (23 October 2026): an earlier version of this brief, based on a pre-meeting expert poll, said the RBI was likely to raise rates; the MPC had already done so on 7 October 2026.
Cabinet approves 78-day bonus for 11.4 lakh railway employees
Why in news: Cabinet has cleared a 78-day bonus for railway employees with individual payout up to Rs 17,951.
The Union Cabinet has approved a 78-day bonus for approximately 11.4 lakh railway employees, with each employee receiving up to Rs 17,951. This decision reflects the government's commitment to supporting wage increases for public sector workers. The bonus scheme is part of periodic incentive structures designed to enhance employee welfare and maintain morale in the Indian Railways workforce.
Takshnam modern art exhibition inaugurated at NGMA
Why in news: Culture and Tourism Minister inaugurated the Takshnam exhibition featuring over 250 artworks by 150 artists.
The Culture and Tourism Minister Gajendra Singh Shekhawat inaugurated the Takshnam exhibition at the National Gallery of Modern Art (NGMA). The exhibition showcases over 250 artworks and sculptures created by 150 artists, making it a significant gathering of contemporary Indian creative talent. Such exhibitions serve as platforms for promoting modern Indian art and providing visibility to diverse artistic expressions in the national capital.
DRI seizes 6.2 kg foreign gold; cracks sophisticated smuggling network
Why in news: The Directorate of Revenue Intelligence busted a refined gold smuggling method via unowned cargo.
The Directorate of Revenue Intelligence (DRI) seized approximately 6.2 kilograms of foreign-origin gold and arrested three persons in connection with a sophisticated smuggling operation. The contraband was discovered using a novel method involving unclaimed goods, indicating evolving tactics in illegal trade. The operation highlights the ongoing challenges faced by Indian customs and revenue agencies in combating organised smuggling networks that employ sophisticated methods to evade detection.
IMF projects India to become 4th-largest economy by 2027
Why in news: IMF raises India's 2026 growth forecast to 7% and projects nominal GDP reaching $4.52 trillion by 2027.
The International Monetary Fund (IMF) projects that India will overtake Japan to become the world's fourth-largest economy in 2027, with nominal GDP reaching $4.52 trillion. The IMF has raised India's 2026 growth forecast to 7%, reflecting confidence in the country's economic trajectory. This projection also confirms the IMF's backing of India's revised GDP methodology, validating the robustness of India's economic data and growth assessments.
Net direct tax collections surge 13.2% to Rs 13.38 trillion
Why in news: Direct tax collections grow significantly with corporate tax contributing substantially to the increase.
Net direct tax collections have increased by 13.2% to reach Rs 13.38 trillion, with corporate tax playing a key role in driving this growth. The robust tax collections reflect improving economic activity and enhanced compliance across the formal sector. These healthy figures indicate strengthening fiscal health and align with improving growth prospects for the Indian economy, providing government with greater revenue resources for public expenditure.
Test yourself: today's 5-question sprint
- 5.25%
- 5.50%
- 5.75%
- 6.50%
Show answer
Brief 1: the MPC voted unanimously to raise the policy repo rate by 25 basis points to 5.50%. The SDF rate now stands at 5.25%, and the MSF rate and Bank Rate at 5.75%.
- 8.5 lakh
- 9.2 lakh
- 11.4 lakh
- 15.7 lakh
Show answer
The brief clearly states 'The Union Cabinet has approved a 78-day bonus for approximately 11.4 lakh railway employees.'
- National Museum; 100 artists
- NGMA; 150 artists
- National Art Academy; 200 artists
- Delhi Art Institute; 250 artists
Show answer
The brief states 'The Culture and Tourism Minister Gajendra Singh Shekhawat inaugurated the Takshnam exhibition at the National Gallery of Modern Art (NGMA)' with 'over 250 artworks created by 150 artists.'
- 4.8 kilograms
- 5.5 kilograms
- 6.2 kilograms
- 7.1 kilograms
Show answer
The brief explicitly states 'The Directorate of Revenue Intelligence (DRI) seized approximately 6.2 kilograms of foreign-origin gold.'
- $3.98 trillion
- $4.25 trillion
- $4.52 trillion
- $4.89 trillion
Show answer
The brief states 'India will overtake Japan to become the world's fourth-largest economy in 2027, with nominal GDP reaching $4.52 trillion.'
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