India’s unemployment rate sees sharp spike, rises to 6.98% in October: CMIE

India has recorded a spike in its unemployment rate in both urban and rural sectors in October. India's unemployment rate rose to 6.98% in October from 6.67% in September, according to the Centre for Monitoring Indian Economy (CMIE) data.

October saw a sharp increase in unemployment despite the agricultural sector showing signs of robustness.

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

However, the Unemployment rate in the urban area 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 job loss, the Goods and services tax revenue of the central and state governments scaled ₹1.05 trillion in October, growing 10.25% from the revenue collected in the same month a year ago.

It 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.

The COVID-19 pandemic 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.