India’s economy continued to show its strength and stability as the government reported gross Goods and Services Tax (GST) collections of ₹1.96 trillion in October 2025, marking a 5% increase compared to the same month last year.

This surge demonstrates a positive trajectory in both consumption and compliance, reflecting the nation’s economic vibrancy during the festive season and the government’s effective fiscal management.

After accounting for refunds, India’s net tax collections stood at ₹1.69 trillion, a modest yet stable rise of 0.6% over October 2024.

This consistency underscores the resilience of the Indian economy despite recent tax reductions on consumer goods, such as shampoos and small cars, implemented from September 22 to support festive demand and household spending.

The combination of higher gross collections and stable net receipts points to growing business activity, strong consumer confidence, and efficient tax administration.

Experts see this rise in GST revenue as an encouraging sign of India’s economic momentum. According to Abhishek Jain, a partner at KPMG, “The higher gross GST collections reflect a strong festive season and higher demand.

It is a positive indicator of how both consumption and compliance are moving in the right direction.” His statement captures the overall sentiment that India’s fiscal performance is aligned with rising consumer optimism and increased digital tax transparency.

The timing of the growth coincides with India’s vibrant festive months, where consumer spending typically surges across sectors like retail, automobiles, electronics, and services.

The government’s strategic move to cut taxes on hundreds of everyday goods before the festive season provided a timely boost to purchasing power, stimulating demand across urban and rural areas alike.

While the full impact of these tax cuts will be reflected in the next month’s data, October’s numbers already indicate a strong beginning to the festive quarter.

This positive trend in GST collection also reflects the success of India’s ongoing efforts to enhance tax compliance through digital integration and simplified filing systems.

Over the years, the government’s focus on e-invoicing, data analytics, and seamless GST filing has encouraged businesses to remain compliant, reducing tax evasion and strengthening fiscal discipline.

The result is a more transparent and efficient taxation framework that supports both businesses and government revenue.

From a macroeconomic perspective, the consistent growth in GST collection is a reassuring signal of India’s post-pandemic recovery trajectory.

It highlights not only rising consumption but also the sustained performance of key sectors such as manufacturing, logistics, and retail.

The strong tax inflow serves as a foundation for public spending on infrastructure, healthcare, and education—areas critical for India’s long-term economic growth.

Moreover, the healthy tax collection provides the central and state governments with greater fiscal room to implement welfare initiatives and development programs.

It also reassures global investors about India’s financial stability, especially at a time when global markets remain uncertain. The country’s ability to maintain steady growth in tax revenue despite rate reductions indicates robust domestic demand and a maturing consumption-driven economy.

As India moves into the final months of 2025, economists remain optimistic that the upward trend in GST collections will continue, supported by steady industrial output, rising employment, and a strong services sector.

With festive demand continuing into November and December, tax receipts are expected to remain buoyant, further boosting government finances.

India’s strong October GST performance is not just a reflection of short-term festive cheer but a sign of enduring economic confidence and resilience.

It reinforces the nation’s journey toward becoming a more organized, transparent, and growth-oriented economy—one that balances consumer welfare with fiscal discipline.

The company, a key part of India’s Make in India and Atmanirbhar Bharat defence initiatives, has fully cooperated with government agencies and clarified all queries raised during the process.

According to government sources, the Directorate of Revenue Intelligence (DRI) initiated a routine examination of imported parts used in missile manufacturing earlier this year.

The exercise, officials say, is part of a broader national effort to ensure fair trade practices and compliance with evolving customs regulations across India’s expanding defence industry.

In a statement, an Adani Group spokesperson emphasized that the company has provided all necessary clarifications supported by documentation, stating: “The issue stands closed from our end.”

This reflects the company’s proactive and transparent approach in aligning with India’s regulatory frameworks while supporting defence modernization and industrial growth.

Adani Defence Systems and Technologies, which manufactures missiles, drones, and small arms for Indian security forces, has been an active contributor to domestic defence capability development.

The company’s collaboration with India’s armed forces and partnerships with global technology providers have positioned it as a key player in advancing aerospace innovation and indigenous production.

Officials familiar with the matter highlighted that such reviews are not uncommon, particularly given the government’s increased focus on ensuring precision and compliance in the defence import process.

These checks are part of a broader drive to maintain the credibility of India’s defence sector, which continues to expand rapidly amid global recognition of India as a rising defence manufacturing hub.

Industry observers note that the government’s ongoing vigilance in defence trade reflects New Delhi’s policy of balancing national security with economic integrity.

By reinforcing transparent practices, India aims to build a globally trusted and self-sustaining defence ecosystem that encourages innovation, collaboration, and long-term investment.

Adani Defence’s role in supplying short-range missile systems and non-explosive missile components has helped strengthen India’s indigenous production capabilities.

The company also collaborates with international partners from Russia, Israel, and Canada, facilitating the transfer of advanced defence technologies while adhering to national policy frameworks.

While the investigation focused on classification details of certain imported materials, government sources have clarified that the matter relates to technical interpretation of import rules, not operational conduct or integrity issues.

Experts note that Adani’s engagement and responsiveness demonstrate its commitment to full compliance and cooperation.

The Indian government’s recent rule revision, which allows a wider range of missile components to be imported without tariffs, is expected to streamline future defence production and enhance India’s strategic readiness.

Industry insiders believe this policy shift will boost local manufacturing, lower costs, and attract further private-sector participation.

In recent years, Adani Group’s defence unit has aligned closely with Prime Minister Narendra Modi’s vision of turning India into a global defence export powerhouse.

The company’s drone technologies and surveillance systems have been successfully deployed by the Indian military, showcasing India’s progress toward technological self-sufficiency.

With India continuing to expand its defence manufacturing base, such regulatory measures represent an essential step in upholding transparency, boosting investor confidence, and ensuring that all private participants operate within a clearly defined and fair framework.

The developments surrounding Adani Defence highlight India’s institutional maturity, where strong oversight coexists with robust industrial growth.

As the government and the private sector work hand in hand, India’s vision of becoming a trusted global defence manufacturing partner is steadily becoming a reality.

Recognizing caste within the Muslim population isn’t a threat to unity; it’s a path toward justice.

In a landmark shift, India’s central government has decided to include caste data in the upcoming national census—the first time such a detailed caste count will take place since 1931. On paper, it’s a technical change. But for millions of India’s most invisible citizens, it’s potentially transformative.

Among those who stand to gain the most are Pasmanda Muslims—a broad umbrella term that includes Dalit, Adivasi, and other backward-class Muslim communities. Despite being the numerical majority among India’s Muslims, Pasmandas have long lived in the shadows of policy, politics, and even community representation.

A recent caste survey in Telangana revealed something telling: nearly 80% of the state’s Muslims belong to Pasmanda backgrounds. It was a statistic that didn’t surprise social scientists or grassroots activists—but it was a rare moment of clarity in a country where Muslim identity is often painted with one broad brushstroke.

That simplification has done real harm. The Indian Muslim is frequently seen as a singular, undivided bloc—one minority, one vote bank, one voice. But that narrative erases the deep social hierarchies and caste divisions within the community itself. And Pasmandas, who bear the brunt of poverty, discrimination, and social exclusion, are the ones who disappear from view.

Within the community, elite Muslim groups—those traditionally seen as Ashraf or upper caste—have dominated platforms of power: political parties, religious boards, cultural institutions, and media narratives. Meanwhile, Pasmandas have remained underrepresented, often struggling with lower literacy rates, poorer healthcare, and fewer job opportunities.

The last significant spotlight on Muslim marginalization came nearly two decades ago, through the Sachar Committee Report in 2006. Its findings were damning: many Muslim groups, especially those from Pasmanda backgrounds, fared worse than Scheduled Castes in key development indicators. Yet the lack of caste-disaggregated data meant that policies based on these findings were broad and ineffective. Everyone got lumped together. And as usual, those at the bottom lost out.

That’s why this new caste census matters. It could offer, for the first time in independent India, a full picture of caste realities within the Muslim community. It could provide a foundation for smarter, more targeted policies—ones that don’t just benefit “Muslims” in general, but specifically uplift those most in need.

It also corrects a historical oversight. During British rule, caste among Muslims was acknowledged and documented. The 1901 and 1931 censuses classified Muslims into categories like Ashraf (nobles), Ajlaf (backward), and Arzal (Dalit or “untouchable”). These categories were crude, but they at least reflected a social truth. After independence, however, India adopted a more homogenized view of its minorities—particularly Muslims—and quietly dropped caste from the conversation.

This erasure wasn’t just bureaucratic. It had real consequences. In 1950, Dalit Muslims lost their eligibility for Scheduled Caste (SC) reservations. To this day, they are denied affirmative action on the basis of caste, despite experiencing the same structural discrimination as their Hindu Dalit counterparts.

Welfare schemes and affirmative policies, designed without acknowledging these internal hierarchies, have repeatedly missed their mark. Upper-caste Muslims—though a minority within the minority—have often been the primary beneficiaries. Pasmandas remain at the margins.

For the upcoming census to make a difference, it must be handled transparently and without political interference. The data should be released in full. No filters. No spin. Only then can it serve as a blueprint for real change.

This isn’t about dividing communities—it’s about understanding them. Recognizing caste within the Muslim population isn’t a threat to unity; it’s a path toward justice. It gives voice to those who have long been ignored and lays the groundwork for more inclusive policies.

For Pasmanda Muslims, this census isn’t just a count. It’s a chance to be seen.

Disclaimer: Views expressed by writers in this section are their own and do not reflect Milli Chronicle’s point-of-view.

According to officials, the searches were related to possible violations of the Foreign Exchange Management Act (FEMA). The agency targeted NGOs and firms funded by OSF and SEDF, as well as Aspada Investments Private Limited, a holding company of SEDF. Authorities stated that Aspada acts as an investment advisor and fund manager for SEDF in India and is a wholly owned subsidiary of a Mauritius-based entity.

Officials revealed that the agency traced a money trail of INR25 crore from Soros-linked companies to several Indian NGOs. Additionally, foreign direct investment (FDI) amounting to INR300 crore, funneled through OSF’s subsidiaries, is under scrutiny. It is believed that SEDF has funded over a dozen companies in India with investments totaling INR300 crore.

ED’s Investigation into Foreign Funding

A senior officer, speaking anonymously, confirmed that ED recently launched a FEMA probe against Soros and his companies. “Our teams carried out raids at eight locations in Bengaluru to investigate contraventions in FDI rules by SEDF and OSF and the subsequent utilization of those funds,” the officer said.

Preliminary investigations indicate that OSF was placed under the Ministry of Home Affairs’ (MHA) prior reference category in 2016, restricting it from making unregulated donations to Indian NGOs. However, officials suspect OSF circumvented these restrictions by establishing subsidiaries in India and routing funds under the guise of FDI and consultancy fees.

A second official noted that ED is examining the end-use of other FDI funds brought in by SEDF and OSF in India.

SEDF’s Investment History in India

According to VCCEdge, the data platform owned by HT Media, SEDF invested INR50 crore in its impact-focused subsidiary, Aspada Investments, in 2013. Aspada Fund 1, its first fund, later raised around INR271 crore, which it used to invest in over a dozen companies, including quick commerce platform Dunzo Digital, WayCool Foods and Products, and NeoGrowth Credit.

SEDF later sold a controlling stake in Aspada to LGT, a private banking and asset management group owned by the Princely House of Liechtenstein. In 2021, this entity was renamed Lightrock, which continues to invest in impact-driven businesses in India.

OSF’s Presence and Restrictions in India

OSF, one of the world’s largest private funders of human rights advocacy, impact investment, and justice-related initiatives, began operations in India in 1999. However, officials confirm that OSF does not have a formal office in the country.

The organization’s website acknowledges that its funding activities in India have been constrained since mid-2016 due to government restrictions.

Political Controversy Surrounding George Soros

The Bharatiya Janata Party (BJP)-led central government has previously linked Soros to Congress leaders Sonia Gandhi and Rahul Gandhi. In December 2024, BJP MP Nishikant Dubey accused the Congress of collaborating with the Organized Crime and Corruption Reporting Project (OCCRP), a global investigative journalism initiative allegedly backed by Soros’ OSF, to undermine India’s Parliament and government. BJP MP Sambit Patra also alleged that Rahul Gandhi was part of a “triangle” with Soros and OCCRP aimed at destabilizing India.

Neither OSF nor SEDF has responded to queries regarding the ED’s latest actions.