IMF releases economic outlook, CMRL payoff case updates, and more: The week in 5 charts

(1) International Monetary Fund releases economic growth projectionsThe IMF released its World Economic Outlook report, forecasting a dip in global economic growth (3.06% from 3.5% last year). It warned that the ongoing war between Russia and Ukraine and U.S.-Iran war in West Asia would put stress on import-dependent countries. AI-related investments have shored up economic growth in advanced economies, while poorer countries have to face the brunt of rising energy prices.Both the Russia-Ukraine war and the U.S.-Iran war have no permanent ceasefire in sight, with Iran-backed Houthis ramping up attacks in Saudi Arabia, Russia and Ukraine ramping up attacks on energy infrastructure. Saudi Arabia’s economy was projected to shrink the most (3.3%), with Middle East and Central Asia region as a whole forecast to shrink 0.33%.It put India’s GDP growth rate at 7.01% for 2026, down from 7.82% the previous year. For emerging and developing Asia as a whole, the figure was 5.12%, down from 5.6% last year. For China, it was 4.47%, down from 5% last year.(2) Starlink’s Elon Musk alleges interference in licensing of satellite communication operationsStarlink’s Elon Musk and Reliance Jio’s Mukesh Ambani got into a spat the last week over India’s licensing for satellite communication operators, alleged interference from “oligarchs” and India’s openness to competition when Mr. Musk alleged that certain companies were preventing Starlink from getting government approvals.In response, Reliance responded in a statement that it has “never feared competition.” This statement came on Saturday last week (Oct. 17, 2026), just over a week after Mr. Musk wondered on X whether Mr. Ambani was “the real boss of India.”Starlink’s attempts to begin India operations started in 2021. Here is a timeline of the issues the company has faced.(3) CMRL payoff case developmentsThe Enforcement Directorate (ED) summoned former Keralam Chief Minister Pinarayi Vijayan before the investigators at its zonal office in Kochi on October 23, 2026 for questioning in connection with the money-laundering case linked to the Cochin Minerals and Rutile Limited (CMRL)-Exalogic pay-off case. The summon was announced on Friday last week (Oct. 16).This comes after the Keralam High Court dismissed Mr. Vijayan’s plea against the First Information Report (FIR) filed against him, his daughter and his son-in-law in the case. The case involves a complex web of illegal transactions and bribes between the Cochin Minerals and Rutile Limited and people related to Mr. Vijayan.Here is a graphic showing the flow of money from CMRL. A graphic showing suspicious transactions involving CMRL flagged by the Income Tax Department and Serious Fraud Investigation Office (4) Jantar Mantar de-notified, no longer an authorised protest siteThe Delhi Police on Monday (October 12, 2026) de-notified Jantar Mantar as a designated venue for protests and demonstrations, replacing one of the capital’s longest-established sites of public dissent with three alternative grounds farther from the seat of power. Activists criticised the move, saying it would make it harder for citizens to draw the attention of political leaders and decision-makers to their demands.Under an order issued by Delhi Police Commissioner Anurag Kumar, Ramlila Ground, around 4 km from Jantar Mantar, Burari Ground, around 15 km away, and CBD Ground in East Delhi, around 13 km away, have been designated as alternative protest venues.The decision follows recommendations by a committee constituted by the Union Ministry of Home Affairs to examine alternative protest sites. The police said revised standard operating procedures (SOPs) for demonstrations at the three grounds would be issued separately.The order partially modifies Standing Order No. L&O/48/22, dated April 28, 2022, which designated Jantar Mantar as a protest site to provide space for demonstrations while minimising disruption to residents and traffic. It restricted protests to 10 a.m. to 5 p.m. and limited them to one day at a time.For protesters who have used Jantar Mantar for years, its significance lay not just in the space it offered, but also in its proximity to Parliament, government offices and the media.(5) Wholesale inflation hits 11.39%Wholesale price inflation rose to 11.4% in September 2026, a record-breaking high during the 2.5 years for which the new series of the Wholesale Price Index (WPI) has data, and a 49-month-high as per the much longer old series. The main drivers of rising prices continue to be food and fuel.The new series of the WPI has 2022-23 as its base year and so data goes back till only April 2024. The older series, with a base year of 2011-12, has a much longer historical database.“The non-food manufactured goods (core WPI) segment accounted for more than half of the 147 bps uptick in the headline inflation print in September relative to August 2026, reflecting the impact of the passthrough of input cost pressures,” Rahul Agrawal, Principal Economist at ICRA said.Inflation in the food articles component of the WPI came in at 8.1% in September 2026, up sharply from 5.7% in the previous month. However, this was also on a low base as prices in this component had contracted 6.8% in September last year.The non-food primary articles segment also saw elevated inflation levels of 10.3% in September 2026, although this was the lowest in four months. Inflation in the manufactured goods category stood at a series-high of 9.8%, up from 8.4% in August 2026.