Follow us on
Welcome Guest! You are here: Home » India
Need over Rs.1 lakh crore next fiscal for 7th Pay Commission, OROP: Jaitley
Saturday February 6, 2016 0:13 AM, IANS

New Delhi: The government has to provide Rs.1.10 lakh crore in the next fiscal's budget for implementing the One Rank One Pension (OROP) scheme and the 7th Pay Commission award, Finance Minister Arun Jaitley said on Friday.

"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 OROP scheme," Jaitley said addressing the consultative committee attached to the finance ministry, according to an official statement here.

The 7th Pay Commission has recommended increasing the remuneration of around one crore government employees and pensioners that is expected to cost the exchequer an additional Rs.1.02 lakh crore in 2016-17.

The finance minister also said that India has the potential to grow at a much faster pace, while agricultural growth in the last two years had suffered mainly due to insufficient rains, which resulted in the highest disbursal ever to the states for drought relief during the current financial year.

"More incentives will be given to agriculture sector for increasing agriculture production and productivity," he said.

"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 the macro-economic situation of the country," Jaitley added.


 




Share this page
More Headlines
Asaduddin Owaisi, brother Akbaruddin booked; three held for violent attacks on rivals
SC permits Jamaat-e-Ulema to intervene in rights of Muslim women matter
Bahadur Shah Zafar's wish remains unfulfilled despite promises by Indian leaders
TRS scores landslide win; MIM struggles, TDP-BJP washed out in Hyderabad polls
As oil prices decline, big is once again beautiful at Auto Expo
UP lawmaker Mukhtar Ansari acquitted in organised crime case
2.56 crore voters to cast ballot in upcoming Kerala state polls: Nasim Zaidi
Storm in Maharashtra over CBI permission to prosecute Ashok Chavan
Women don't make first move when it comes to online dating
07 years in office, Obama admits this is a time of concern and fear for US Muslims
Women appear more in images than men in online news
Close down 'vote bank shops' of Samajwadi Party: Owaisi asks people of Bikapur
BJP yuva morcha demands action against Shatrughan Sinha for criticising party
Political class, bureaucracy work together against Dalits: Ex-IAS officer Sivakami
Tanzanian girl attacked, stripped by mob in Bengaluru; 'Shameful', says Sushma
Prime Minister Modi to address farmers' rallies in four states before budget
Hyderabad municipal polls: Voter turnout improves from 42.92 to 45.27 percent
SIT to probe sex charges against hockey captain Sardar Singh
OROP to cost Rs.7,500 crore a year, arrears Rs.10,900 crore
Media playing important role in portraying Muslims as terrorists: US varsity research
Breakfast high in protein better for kids: Study
 Post Comments
Note: By posting your comments here you agree to the terms and conditions of www.ummid.com