Table of Contents
- The unemployment rate in October rose to 8.5%, the highest in over 3 years (since August 2016), and up from 7.2% in September
- According to data released by the Centre for Monitoring Indian Economy (CMIE).
- It is reflecting the impact of a slowdown in the economy.
- Tripura and Haryana saw unemployment levels of more than 20% (the highest).
- While the unemployment was the lowest in Tamil Nadu at 1.1%.
MANUFACTURING
- India’s manufacturing output grew at its slowest pace in two years in October.
- This indicates continued weakness in industrial activity.
- The IHS Markit India manufacturing purchasing managers’ index (PMI) fell from 51.4 in September to 50.6 in October.
- A figure above 50 indicates expansion and below that indicates contraction.
INFRASTRUCTURE
- The 8 core sector are- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
- The recent data released by Ministry of Commerce and Industry contracted by a sharp 5.2% in September.
- This is its worst fall in 14 years.
- Seven out of the eight core industries witnessed a contraction.
- The coal sector being the worst hit shrinking by over 20%.
INDUSTRIAL ACTIVITY
- Industrial activity measured by the index of industrial production (IIP), in which the eight ‘core’ industries have a 40% weightage, is likely to slip further.
- The 1.1% contraction in August was IIP’s worst performance in over 7 years.
- New data will be released on November 11.
TAX COLLECTIONS
- The GST collection in October declined to Rs 95,380 crore, as against Rs 1,00,710 crore in the same month a year ago.
- This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark.
- This is despite October being a festive month.
INFLATION
WHAT ABOUT GDP?
- The economy expanded by 5% in the April-June quarter, the slowest pace in six years.
- The data for the July-September quarter will be out on November 30.
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