The Cabinet approves the sale of 60.72% of IDBI Bank to Fairfax for Rs. 52,878 crore, wholesale inflation jumps to 11.39%, PM Modi dedicates Rs. 3,350 crore of projects in Ladakh including India's first Petroglyph Conservation Park, the West Indies level the T20I series 2–2, and Lakshadweep is declared 100% literate under ULLAS. Today is also the 10th anniversary of the Kigali Amendment. Here is the news that matters for competitive exams.
India – National Affairs
PM Modi dedicates five Ladakh projects worth about Rs. 3,350 crore
Prime Minister Narendra Modi is inaugurating and dedicating to the nation five projects worth around Rs. 3,350 crore in Ladakh today, 15 October 2026, at about 12:30 PM via video conferencing, and will address the gathering.
The five projects
- New passenger terminal building at Kushok Bakula Rimpochee Airport, Leh, built at a cost of about Rs. 640 crore.
- The 298-km Nimmu–Padum–Darcha road, connecting Nimmu in Leh with Darcha in Himachal Pradesh through the Zanskar Valley; it provides an alternative corridor to Ladakh alongside the Srinagar–Leh and Manali–Leh highways and strengthens strategic mobility for the armed forces.
- The 9 MW Hanu Hydroelectric Project and associated power-transmission infrastructure.
- India's first Petroglyph Conservation Park at Sindhu Ghat, Leh, to protect Ladakh's ancient rock art and promote responsible heritage tourism.
- 40 water bodies in 40 villages under Project Him Sarovar, in line with the objectives of Mission Amrit Sarovar.
Lakshadweep declared 100% literate under ULLAS
Lakshadweep Administrator Praful Patel declared the Union Territory 100% literate at a function in Kavaratti (reported as 11–12 October 2026) under the ULLAS – Nav Bharat Saaksharta Karyakram. An initial survey had identified 1,113 adult non-literates, and all eligible learners cleared the Foundational Literacy and Numeracy Assessment Test (FLNAT). Some exam portals describe it as the first Union Territory to receive the status.
- ULLAS (Understanding of Lifelong Learning for All in Society) is a Centrally sponsored adult-education scheme for people aged 15 years and above who missed formal schooling, run from 2022–23 to 2026–27 with a target of 5 crore learners.
- It uses a mobile app and portal linked to DIKSHA and primers in 27 languages. The status reflects assessment of identified learners and is separate from the Census literacy rate.
Northeast monsoon sets in; southwest monsoon fully withdraws
The India Meteorological Department's Regional Meteorological Centre, Chennai, announced on 14 October that the northeast monsoon would set in over the south peninsula on 15 October 2026, and that the southwest monsoon would withdraw completely from the remaining parts of the country the same day (as reported). The IMD's new cyclone-warning platform was dedicated to the nation on 12 October.
Cabinet approves India's accession to the Southern Indian Ocean Fisheries Agreement (SIOFA)
As reported in the PIB headlines, the Central Government approved India's accession to the Southern Indian Ocean Fisheries Agreement (SIOFA), which governs the sustainable management of fisheries resources in the high seas of the southern Indian Ocean.
Other national headlines
- BIMSTEC: the first Home Ministers' Meeting (13 October, New Delhi, chaired by Amit Shah) has been reported as producing a Delhi Declaration 2026 on regional security cooperation.
- Rajya Sabha: polling, where contested, and declaration of results for the November-vacancy seats are on 16 October.
- Diplomacy: US Secretary of State Marco Rubio is due to visit India and Uzbekistan from 17 October (as reported).
Daily Current Affairs 15 October 2026 - Download Free PDF Here
Economy & Banking
Cabinet approves sale of 60.72% of IDBI Bank to Fairfax for Rs. 52,878 crore
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Modi, approved on 14 October 2026 the "strategic restructuring" of IDBI Bank through the sale of 60.72% of its equity to 10955230 Canada Inc., a subsidiary of Canada's Fairfax Financial Holdings, for Rs. 52,878.08 crore. It is described as the largest foreign direct investment deal in India's financial sector.
Key details
- Who sells what: the Government of India sells 30.48% and the Life Insurance Corporation (LIC) sells 30.24%. Before the deal they held 45.48% and 49.24% respectively.
- After the deal: the government keeps 15% and LIC 19% (a combined 34%). LIC is expected to pare its stake to 15% within two years, after which it is classified as a public shareholder, so that it can keep its housing-loan business through LIC Housing Finance. The government has authorised the Alternative Mechanism to sell its remaining 15% on the open market.
- The IDBI brand and logo are to be retained for three years. Closing is expected within FY27. Finance Minister Nirmala Sitharaman said it should be seen as a strategic restructuring rather than a disinvestment, since the government and LIC stay invested.
- Background: the process began with the CCEA's in-principle approval in May 2021 and the invitation of bids in October 2022. LIC shares rose about 2% on the news.
Wholesale inflation jumps to 11.39% in September
The Ministry of Commerce and Industry's provisional data (14 October) put WPI inflation at 11.39% in September 2026, up from 9.92% in August, in double digits. The all-commodities WPI (base 2022-23) rose to 112.5 from 110.8.
- Fuel and power: 25.85% (August: 22.93%) – the highest among the groups.
- Manufactured products: 9.76% (8.37%); primary articles: 8.67% (7.76%); WPI food index: 8.66% (7.05%).
- The final July inflation rate was unchanged at 9.78%. The next WPI release (October data) is on 16 November.
- Retail inflation (CPI) was 5.54% in September; the RBI's 7 October projection is for CPI inflation to average almost 5.8% over the next three quarters.
BMI (Fitch Solutions) raises India's FY27 growth forecast to 7.5%
Business Monitor International (BMI), a Fitch Solutions company, raised India's FY27 GDP growth forecast to 7.5% from 6.8%, citing strong momentum, industrial expansion and sustained AI-related investment, while warning of downside risks from higher oil prices and El Niño. Other FY27 forecasts: RBI 7.1%, World Bank 7.1%, OECD 7.1%, IMF 7.0%.
Trade and energy headlines
- Exports to China have grown about 40%, while the bilateral trade deficit has crossed USD 100 billion (The Hindu).
- Oman has replaced the US as India's top LNG supplier (Indian Express).
- India–Brunei: the Third Joint Trade Committee meeting reviewed bilateral trade and economic cooperation (PIB).
- ASEAN–India energy: India welcomed the ASEAN Plan of Action for Energy Cooperation (APAEC) 2026–2030 and stressed cooperation on the ASEAN Power Grid, regional transmission and clean energy.
Corporate
Adani Enterprises and US-based Jabil signed an MoU for a 50:50 joint venture to manufacture AI data-centre hardware in India.
Recap: UPI merchant charge deferred; IMF upgrade
- NPCI deferred the UPI merchant discount rate (0.4% on select merchant payments above Rs. 2,000, capped at Rs. 300), which was due on 15 October, until after Diwali (8 November); the new date is to be notified.
- The IMF raised India's FY27 growth forecast to 7.0% in its October World Economic Outlook.
- Forex reserves data for the week ended 9 October is due tomorrow, 16 October.
Science & Technology
CEA conclave on 'Making Indian Power Sector AI Enabled'
The Central Electricity Authority (CEA) began a two-day international conclave titled 'Making Indian Power Sector AI Enabled' on 14 October at the Manekshaw Centre, New Delhi; it continues today.
Recap: IMD's cyclone DSS, DRDO's HAPS and the IMC
- The IMD launched its WebGIS-based Cyclone Warning and Marine Weather Services Decision Support System on 12 October, bringing cyclone tracks, wind, rainfall and storm-surge information onto interactive maps.
- DRDO's High Altitude Platform System (HAPS) airship, developed by ADRDE Agra, reached about 21 km on 6 October.
- The 10th India Mobile Congress (7–10 October) highlighted AI-native, programmable and secure networks.
Defence & Security
First ASEAN–India Defence Think Tank Forum opens in New Delhi
The first ASEAN–India Defence Think Tank Forum is being held on 14 and 15 October, opened by the Raksha Mantri. It follows an announcement at the ASEAN–India Defence Ministers' Informal Meeting in Kuala Lumpur in October 2025. 2026 is the ASEAN–India Year of Maritime Cooperation.
Navy to commission multi-purpose vessel Samarthak tomorrow
The Indian Navy will commission Samarthak at Naval Base Karwar on 16 October 2026. Built by Larsen & Toubro under Make in India, it is the first of four Multi-Purpose Vessels, designed for maritime surveillance and patrol, low-intensity maritime operations, trials support, an unmanned-systems mothership role, and HADR.
Exercises and deployments
- Mountain Guardian 2026 (India–UAE, Chaubatia, Uttarakhand) continues until 18 October.
- INS Trishul is at Plymouth, UK, for Exercise Konkan 2026; INS Sahyadri arrived at Vladivostok, Russia, on 12 October.
- Air Marshal Ashutosh Dixit takes over as the 29th Chief of the Air Staff on 31 October.
Sports
West Indies beat India by 24 runs to level the T20I series 2–2
The West Indies won the fourth T20I at Hyderabad on 14 October by 24 runs, making 247/3 and bowling India out for 223, to level the five-match series 2–2.
- Shai Hope scored an unbeaten 102 off 50 balls and Sherfane Rutherford made 49*; Keemo Paul took 5/41, and Gudakesh Motie took 2/13.
- For India, Sanju Samson made 56 off 23 and Tilak Varma 43.
- The fifth and deciding T20I is on Saturday, 17 October, at the M. Chinnaswamy Stadium, Bengaluru. India had won the ODI series 2–1.
PM Modi to interact with India's Asian Games contingent
Prime Minister Modi will interact with and address the Asian Games 2026 contingent today at about 4:30 PM at the Major Dhyan Chand National Stadium, New Delhi, with athletes, coaches and support staff, IOA officials and national federations.
- India finished 4th with 85 medals (21 gold, 27 silver, 37 bronze), with golds in men's and women's cricket, hockey and kabaddi.
- Other firsts cited: India's first gold in the women's trap event; a weightlifting silver after a 28-year gap (Mirabai Chanu); a Greco-Roman wrestling silver ending a 64-year wait for an Indian finalist; and Pranavi Urs's individual golf gold, ending a 24-year wait, with India's first women's team golf silver.
Coming up
- 2026 Asian Para Games: Aichi-Nagoya, Japan, 18–24 October.
- Summer Youth Olympics: Dakar, Senegal, 31 October–13 November.
Important Days
15 October – World Students' Day
Observed in India on 15 October, the birth anniversary of Dr A.P.J. Abdul Kalam (born 1931, Rameswaram), the 11th President of India (2002–07), known as the "Missile Man of India". Exam note: the day is observed in India but has not been designated by the United Nations.
15 October – International Day of Rural Women
Designated by the UN General Assembly in 2007 and first observed in 2008, to recognise the role of rural women, including indigenous women, in agriculture, food security and rural development.
15 October – Global Handwashing Day
Observed annually on 15 October to promote handwashing with soap as a simple, effective way to prevent disease.
15 October – 10 years of the Kigali Amendment
The Kigali Amendment to the Montreal Protocol was adopted on 15 October 2016 in Kigali, Rwanda, to phase down hydrofluorocarbons (HFCs), potent greenhouse gases used in cooling. It entered into force on 1 January 2019. India ratified it in 2021 and is to phase down HFCs in four steps from 2032 to 2047 (an 85% reduction by 2047), as cooling demand booms.
Recent and coming up
- 14 October: World Standards Day. 13 October: International Day for Disaster Risk Reduction.
- 16 October: World Food Day (FAO was founded on 16 October 1945).
- 31 October: National Unity Day (birth anniversary of Sardar Vallabhbhai Patel).
Quick Revision – One-Liners
- IDBI Bank sale – 60.72% to Fairfax's Canadian subsidiary for Rs. 52,878.08 crore; approved by the CCEA on 14 October; Government 30.48%, LIC 30.24%.
- After the IDBI deal – Government keeps 15%, LIC keeps 19%; LIC to cut to 15% in two years; brand retained for three years.
- WPI inflation, September 2026 – 11.39% (August: 9.92%); fuel and power 25.85%; base year 2022-23.
- BMI (Fitch Solutions) FY27 growth forecast for India – 7.5% (from 6.8%).
- PM Modi's Ladakh package – Rs. 3,350 crore, five projects; India's first Petroglyph Conservation Park at Sindhu Ghat, Leh.
- 298-km road linking Ladakh with Himachal – Nimmu–Padum–Darcha, via the Zanskar Valley.
- New Leh airport terminal – Kushok Bakula Rimpochee Airport; about Rs. 640 crore.
- Lakshadweep declared 100% literate under – ULLAS – Nav Bharat Saaksharta Karyakram; 1,113 learners cleared FLNAT; Administrator Praful Patel.
- India's accession approved to – SIOFA (Southern Indian Ocean Fisheries Agreement).
- First ASEAN–India Defence Think Tank Forum – 14–15 October; 2026 is the ASEAN–India Year of Maritime Cooperation.
- INS Samarthak – first of four MPVs; L&T; commissioning at Karwar on 16 October.
- India vs West Indies 4th T20I (14 October) – West Indies won by 24 runs; series 2–2; decider on 17 October, Bengaluru.
- Asian Games 2026 – India 4th, 85 medals (21G, 27S, 37B); PM Modi meets the contingent on 15 October.
- Kigali Amendment – adopted 15 October 2016; phases down HFCs; India's phase-down runs 2032–2047.
- World Students' Day – 15 October (Kalam, born 1931); International Day of Rural Women – 15 October (UNGA, 2007).
