The Brief: Asia's economy, 19 October 2026

Economies

India Weighs 3% Federal Pay Hike, Arrears for Employees: India's federal government is considering a 3-percentage-point increase in Dearness Allowance, potentially raising monthly salaries and providing retrospective arrears from 1 July 2026 if approved by Diwali.

Singapore Exports Surge 68.4% in September, Exceeding Forecasts: Singapore's non-oil domestic exports (NODX) jumped 68.4 per cent, recording their strongest growth since 1980 and far surpassing economist predictions.

Bangladesh Secures US$3.3 Billion Energy Funding, Taps ITFC for Fuel: The emergency package includes US$3.1 billion for oil and gas imports this fiscal year, with the International Islamic Trade Finance Corp playing a key role, alongside US$200 million from the Asian Development Bank for grid repairs.

Vietnam Targets 10% GDP Growth for 2027, Boosts FDI: Prime Minister Le Minh Hung outlined ambitious economic goals to lawmakers, including curbing inflation at 4.5% and boosting foreign trade to an estimated $1.11 trillion in 2026.

Markets

Kellton Tech Solutions Board Approves ₹160 Crore Rights Issue: India's Kellton Tech Solutions board approved an equity rights issue up to ₹160 crore on October 17, 2026, with key terms to be set later.

Deluge IPO 3.86x Oversubscribed on SGX Mainboard Debut: Fire protection firm Deluge Corporation begins trading on the Singapore Exchange today after its S$0.60 per share offering drew S$30.4 million in interest from institutional investors.

Singapore MAS holds policy band as AI, energy outlook eases: The central bank unexpectedly paused its tightening cycle, forecasting global energy and artificial intelligence cost pressures will moderate next year.

Bank Indonesia asserts independence as investors seek proof: Governor Destry Damayanti affirmed the central bank's full autonomy in setting interest rates, even as market participants question its policy direction following significant bond purchases.

Goodluck India Stock Hits Record High on Strong Q1FY27 Results: The manufacturer reported 31% revenue growth in Q1FY27 and secured new defence and export orders totaling over ₹255 crore and $13.6 million.

Banking & Fintech

GoTyme Bank expands remittance network, offers holiday flights: The Philippine digital bank GoTyme Bank now facilitates transfers to over 200 countries and territories, partnering with Cebu Pacific for a holiday travel raffle.

Deutsche Bank, BMW Join Singapore Forum on AI Auto Finance: The AIMCONNECT 2026 event last week gathered over 180 organisations, including major lenders and carmakers, to integrate artificial intelligence into vehicle financing processes.

Industries

Geopolitics Reshapes Trade, Supply Chains, Boosting ASEAN FDI: Experts at an IMF-World Bank seminar noted growing efforts to mitigate transit vulnerabilities and geopolitical shocks, particularly impacting Southeast Asia's industrial production and foreign direct investment.

Bangkok City Plan Omits Flood Retention Zones, BMA Cites B11bn Cost: The draft comprehensive city plan, set for 2027 implementation, has removed previously proposed "monkey cheek" water retention areas, with the Bangkok Metropolitan Administration estimating original projects would cost 11 billion baht.

Elon Musk's US$20 billion wealth drop after Tesla flying car: Elon Musk's fortune dipped by US$20 billion following Tesla's "flying car" unveiling. Tesla and SpaceX shares also fell, with analysts questioning commercial value.

Vietnam Mobility Show Returns in December with Green Tech Focus: Hanoi's annual Vietnam Mobility Show, organised by VnExpress, will feature dozens of vehicle makers and parts suppliers, highlighting sustainable transport solutions and new models.