The week in charts: GST collections, aviation fuel costs, US midterm elections

In this weekly Plain Facts compilation, we present to you data-based insights, with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by.

From October recording the second-highest monthly goods and services tax (GST) collections on record and aviation fuel prices rising for Indian airlines for the fourth consecutive month to American voters delivering a strong rebuke to US President Donald Trump and his Republican Party, late-stage funding for Indian startups remaining subdued and Kimi Antonelli becoming the youngest driver to win the Formula 1 world title—here is this week’s news in numbers.

Import boost

October marked the fourth month in FY27 when GST collections crossed the ₹2 trillion mark. At ₹2.31 trillion, collections were also the second-highest monthly figure on record, after ₹2.43 trillion in April 2026. Imports were the main driver of growth in October, with import-related GST revenues rising 42% year-on-year (y-o-y) to ₹72,246 crore, compared with 16% growth in domestic GST revenues. The increase in import GST collections can be attributed to higher import values, driven by rising international commodity prices and rupee depreciation, as well as increased import volumes and stronger manufacturing activity.

Fuel fury

Government-owned oil marketing companies raised aviation turbine fuel (ATF) prices for domestic airlines by ₹1,370 to ₹1.38 lakh per kilolitre for November. The government effectively sets ATF prices every month. Although it has contained the extent of the increases since the US-Iran war began in February, November marks the fourth consecutive month of increases in ATF prices. Amid higher fuel costs and airlines pulling back capacity, domestic air passenger traffic has declined year-on-year in eight of the nine months since the war began. Meanwhile, the Supreme Court declined an urgent hearing on a petition alleging exorbitant airfares charged by airlines.

Midterm revisions

The US midterm elections saw the Democratic Party wrest control of both houses of Congress, delivering a strong rebuke to the Republican Party’s recent policies and politics under President Donald Trump. Financial markets interpreted the verdict as a possible check on Trump’s extreme policy positions, triggering a broad reversion in major asset classes. Most US stock market indices rallied, with the benchmark Dow Jones rising 3% and posting its biggest single-day gain since April last year. Brent crude fell to its lowest level since 4 September, as investors bet that domestic political pressures could push Trump to end or scale back the war with Iran. Gold and silver gained around 2% each, while US bond yields edged lower.

Numbers Talk

75%: The percentage of Indian business leaders surveyed who say AI has yet to deliver returns that justify their investments, according to a survey by Avanade.

₹8: The increase in price per litre of the Nandini milk brand across all variants from 1 November, prompting the Bengaluru Hotels Association to warn restaurant prices may rise too.

₹14,500 crore: The outlay of a new viability gap funding scheme for grid-scale energy storage systems from FY27-31. The scheme aims to add 92 gigawatt-hours (GWh) of storage capacity.

1,271: Number of employees affected by graphic design platform Canva’s AI-driven workforce overhaul. This is about 22% of its staff, and they face job cuts, role changes, or relocation.

€650 million: The value of a 20-year naming-rights agreement that Italian football clubs AC Milan and Inter Milan have struck with insurer Generali for their planned shared stadium in Milan.

Venture pause

Late-stage funding for Indian startups is on course to end calendar year 2026 largely unchanged from last year, Mint reported. Data from Tracxn till 26 October showed that Indian startups had raised about $5.7 billion through Series C and later funding rounds. Late-stage funding, which peaked at $29.7 billion in 2021, fell sharply to $6.1 billion in 2025 and stood at $5.7 billion so far this year. The number of funding rounds has also declined, from 277 in 2021 to 164 in 2025 and 98 so far in 2026. Global investors have become more selective about India, demanding stronger business fundamentals and clearer paths to profitability, while directing capital towards other markets and sectors.

Antonelli’s drive

Kimi Antonelli of Italy has become the youngest driver to win the Formula 1 title. He sealed the championship with a third-place finish at last weekend’s Mexican Grand Prix, aged 20 years, 2 months and 7 days.

In the process, he bettered the record previously held by Sebastian Vettel by about three years and two months. Antonelli also became only the third Italian to win the F1 title, ending a 73-year wait for the country. Of the 10 youngest F1 title winners, six won their titles this century. This reflects the decline in the age at which drivers enter F1, as teams invest in structured programmes to groom junior talent and compete in feeder racing series.

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