Inflation and global tensions have no impact as shopping surges:GST collection rises 23%; car sales, UPI payments and power consumption also hit records

Despite inflation, high interest rates and ongoing tensions around the world, people went on a shopping spree in October. Markets remained lively during the festive season. The impact was also reflected in GST collections, car sales, digital payments and electricity consumption figures. India’s GST collection rose 22.9% year on year to ₹2.31 lakh crore in October. It was around ₹1.88 lakh crore in the same month last year. This increase indicates that shopping in the markets remained strong during the festive season. Car sales reach 5.30 lakh units Car sales in the country reached 5.25-5.30 lakh in October, the highest monthly sales figure ever recorded. Around 4.65 lakh cars were sold in October last year. Sales rose by 13-14% this time. Electric two-wheeler sales also reached a record level, with 2.24 lakh electric two-wheelers sold in October. According to the vehicle portal VAHAN, this is the highest monthly figure ever recorded. UPI transactions cross ₹1 lakh crore a day Digital payments also set a new record. In October, 25.47 billion, or 2,547 crore, transactions were conducted through UPI. This was 23% higher than last year. These transactions involved a total of ₹31.53 lakh crore, up 16% year on year. For the first time, the average daily transaction value through UPI reached ₹1 lakh crore. Power consumption rises 22% Electricity consumption in the country rose by around 22% year on year to 160 billion units in October. Diesel sales also increased by 11.7%. These figures show that shopping, business and economic activity remained brisk in the country in October. Despite inflation and global tensions, people did not hold back on spending during the festive season.