Despite inflation in the country, high interest rates and ongoing tension in the world, people made huge purchases in October. The market was busy during the festive season. Its effect was also visible in the figures of GST collection, car sales, digital payments and electricity consumption. The country’s GST collection in October increased by 22.9% to Rs 2.31 lakh crore as compared to last year. Last year in the same month it was around Rs 1.88 lakh crore. This increase shows that there was good shopping in the market during the festive season. Car sales reached 5.30 lakh units. 5.25 to 5.30 lakh cars were sold in the country in October. This is the highest sales ever in a month. About 4.65 lakh cars were sold in October last year. This time sales increased by 13 to 14%. Electric two-wheeler sales also reached record levels. 2.24 lakh electric two-wheelers were sold in October. According to the vehicle portal (VAHAN), this is the largest monthly figure till date. Daily transactions of ₹ 1 lakh crore through UPI also became a new record in digital payments. In October, 25.47 billion i.e. 2,547 crore transactions were done through UPI. This is 23% more than last year. A total of ₹31.53 lakh crore was transacted through these transactions, which is 16% higher on an annual basis. For the first time, an average of ₹1 lakh crore was transacted daily through UPI. Electricity consumption increased by 22%. In October, electricity consumption in the country increased by about 22% to 160 billion units as compared to last year. At the same time, an increase of 11.7% was also recorded in diesel sales. These data show that shopping, business and economic activities remained brisk in the country in October. Even amidst inflation and global tension, people did not hold back on spending during the festive season.
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Inflation and world stress neutralized, massive shopping in October: GST collection increased by 23%; Car sales, UPI and electricity consumption also set records
