Budget To Provide Rs 1.10 Lakh Cr For Pay Commission Award, OROP
Budget for the next fiscal needs to provide Rs 1.10 lakh crore for implementing the OROP and Seventh Pay Commission award, besides a higher allocation for the farm sector, Finance Minister Arun Jaitley said today.
Addressing the Consultative Committee attached to the Finance Ministry, he also said that India has potential to grow at a much faster pace even as he exuded confidence that fiscal deficit target for current financial year will be within target.
“During the financial year 2016-17, the central government has to make provision for about Rs 1.10 lakh crore in order to meet the liabilities on account of implementation of 7th Pay Commission recommendations and One Rank One Pension (OROP) Scheme,” Jaitley said.
He also said that the agriculture growth in the last two years has suffered mainly due to insufficient monsoons and highest ever amount was given to the states for drought relief during the current financial year, 2015-16.
“More incentives will be given to agriculture sector for increasing agriculture production and productivity,” he said.
India, he said, continues to be one of the fastest growing economies in the world, but there is still potential to grow at a much faster pace.
“The world economy is passing through an uncertain and fragile situation… The silver lining is low international commodities and oil prices which in turn has helped in better macroeconomic situation of the country,” Jaitley said.
The 7th Pay Commission in November recommended increase in remuneration of about one crore government employees and pensioners which is estimated to impose an additional burden of Rs 1.02 lakh crore in 2016-17. The new pay scales, subject to acceptance by government, will come into effect from January 1, 2016.
The government had last year announced that it will implement OROP under which a uniform pension would be given to armed forces personnel retiring at the same rank with the same length of service. The scheme would be implemented from July 1, 2014.
Related to Your Search:
- OROP Table : One Rank One Pension (OROP) implementation tables issued
- State Bank of India released arrears worth Rs 1,465 crore to 7.75 lakh defence pensioners under One Rank One Pension (OROP) scheme
- One Rank One Pension (OROP) implementation order, tables issued
- 7th pay commission report will be ‘Badly Affected’ following recent OROP announcement
- One Rank One Pension gets ex-post facto Cabinet nod
- 1.5% Extra Growth Needed to Grant Wage Hikes – Jaitley
- Pay Commission Award In This Budget
- Latest news on One Rank One Pension : In future pension would be re-fixed every 5 year
- OROP: 99% pensioners will get benefits by January-end, says Manohar Parrikar