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India's October unemployment rate rises to 6.98%: CMIE

Economic activity has resumed in India after the Central Government eased pandemic lockdown restrictions. (Reuters)Premium
Economic activity has resumed in India after the Central Government eased pandemic lockdown restrictions. (Reuters)

  • The month of October saw an increase in unemployment despite the agricultural sector showing signs of robustness
  • Despite rising unemployment, the GST revenue of the central and state govts scaled 1.05 tn in October, growing 10.25% from the revenue collected in same month a year ago

NEW DELHI : According to the Centre for Monitoring Indian Economy (CMIE), the country has recorded a spike in its unemployment rate in both urban and rural sectors in the month of October. In October, India's unemployment rate rose to 6.98% from 6.67% in September, as per the CMIE data.

The month of October saw an increase in unemployment despite the agricultural sector showing signs of robustness.

The data this time showed a big jump in unemployment as it stood at 6.90% in October, an increase of 1.04% since September 2020.

In urban areas, the unemployment rate, however, saw a dip in October last month. According to reports, urban unemployment stood at 7.15% in October whereas it was 8.45% in September.

Despite rising unemployment, the Goods and services tax (GST) revenue of the central and state governments scaled 1.05 trillion in October, growing 10.25% from the revenue collected in same month a year ago.

This is the first time GST receipts have crossed the 1 trillion mark and reported double-digit growth rate this financial year after the sharp decline in the initial months following the nation-wide lockdown.

A statement from the Ministry of Finance said the total revenue earned by central and state governments after regular settlement stood at 44,285 crore and 44,839 crore, respectively. Up to end of October, 8 million monthly summary tax returns were filed.

The Covid-19 pandmeic has infected nearly 8.2 million people in the world’s second-most populous nation, hitting large parts of the economy.

Economic activity has resumed after the Central Government eased pandemic lockdown restrictions.

With agency inputs

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