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India's Unemployment Rate Rises To 6.98%: Centre For Monitoring Indian Economy
Writer: Navya Singh
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India, 2 Nov 2020 9:34 AM GMT | Updated 2 Nov 2020 11:14 AM GMT
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Despite the agricultural sector showing signs of robustness, the month of October witnessed a spike in unemployment in this sector as well.
India has recorded a rise in its unemployment rate in both urban and rural areas in October, according to the Centre for Monitoring Indian Economy (CMIE). The country's unemployment rate stood at 6.98 per cent in October as compared to 6.67 per cent in September 2020.
Despite the agricultural sector showing signs of robustness, the month of October witnessed a spike in unemployment in this sector as well.
The data reveals a massive jump in unemployment in October as it stood at 6.90 per cent, up by 1.04 per cent since September 2020.
The unemployment rate in urban areas, however, witnessed a drop in October 2020.
Data shows that urban unemployment stood at 7.15 per cent in October as compared to 8.45 per cent in September.
Despite the spike in the unemployment rate, the GST collections for October were the highest since February with a 10.2 per cent spike from October 2019.
The Goods and Services Tax (GST) collections in October surpassed Rs 1 lakh crore for the first time since February as it stood at over Rs 1.05 lakh crore, the finance ministry said on Sunday, November 2.
The ministry said that the gross GST revenue collected in October 2020 stands at Rs 1,05,155 crores and the total number of GSTR-3B Returns filed for the month of October up to 31 is 80 lakh.
Also Read: 'Tax Collection Trend Shows Economy Is Recovering': Finance Secretary Ajay Bhushan Pandey
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