• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • DOPT ORDERS 2020
  • FinMin Orders 2020
  • Railway Orders 2020
  • Contact Us

7th Pay Commission Latest news

Central Government Employees News

  • DOPPW Orders
  • 7th Pay Commission
  • Dearness Allowance
  • Dearness Relief
  • CSD Price List
  • Defence
    • Defence Pension
You are here: Home / 7th Pay Commission / Pre-Budget Economic Survey 2015-16

Pre-Budget Economic Survey 2015-16

February 26, 2016 pcadmin Leave a Comment

Economic Survey: India will remain world’s fastest growing major economy

India is poised to slow down, the government signalled on Friday as its annual report card pegged GDP growth for 2016-17 at 7 to 7.75% — a downtick from the 7.6% estimated for this year.

Despite the slowdown, the country will remain the world’s fastest growing major economy and a “haven of stability” in a wobbly global economy, the pre-budget Economic Survey for 2015-16 tabled in Parliament on Friday said.

The survey spoke of a “Chakravyuha challenge” in easing investments and dismantling exit barriers, making a strong pitch for immediate reform measures such as the Goods and Services tax (GST) and labour reforms. This will help bring more people under the tax net and raise property tax rates to check speculation in India’s realty market marred by opaque deals.

Another key concern is job creation for millions of Indians who will join the work-force every year over the next decade, the survey warned, adding India needs to “create enough ‘good jobs’ — jobs that are safe and pay well, and encourage firms and workers to improve skills and productivity”.

A ballooning wage and pension bill for civilian and defence staff could also bite away a larger chunk of the government’s resource cake, the survey anchored by chief economic adviser Arvind Subramanian indicated.

Finance minister Arun Jaitley, who will present the budget for 2016-17 on Monday, may have to scour for that extra rupee to make funds available for one-off expenses such as those relating to the one-rank-one-pension (OROP) scheme and the expected 7th Pay Commission payouts.

The 23.5% average hike in the central government employees’ salaries, as recommended by the pay panel, could push up the government’s wage bill by an estimated Rs 1.02 lakh crore in 2016-17.

Jaitley would like to contain the fiscal deficit — a measure of how much the government borrows to fund its expenses — within manageable limits.

India has budgeted to control fiscal deficit to 3.9% of GDP in 2015-16, bring it down to 3.5% next year and further reduce it to 3% of GDP the year after.

While a fiscal deficit of 3.9% this year was “achievable”, the coming year is “expected to be challenging one from the fiscal point of view”.

“Implementation of the Pay Commission recommendations and the OROP scheme will put additional burden on expenditure,” it said.

India though, is in a good position to reap the advantages of lower global oil prices, low inflation and a normal monsoon next year. Inflation is expected to stay in a 4.5-5% range.

Parliamentary logjam over critical reforms such as GST was coming in the way of India’s growth ambitions, the survey further noted, placing the onus firmly on lawmakers to get key legislations moving to turn India into a favoured investment destination.

“’The GST awaits a Constitutional amendment requiring broad political consensus,” it said.

As for jobs, the Economic Survey said that a policy push was required in the formal sector to absorb the armies of young people joining the work force annually.

“The challenge of creating good jobs could be seen as a challenge of creating more formal sector jobs, which also guarantee workers protection,” it said.

Source : Economic Times

Filed Under: 7th Pay Commission, 7th Pay Commission India, 7th Pay Commission News, Budget 2016, Central Government Employees News, Economy, One Rank One Pension, OROP, Union Budget 2016-17

Also Read

Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund

Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund

May 23, 2023 By pcadmin Leave a Comment

Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund Government of West BengalFinance DepartmentGroup-J Memo No: 027-F (J) WB Date: 04/05/2023 MEMORANDUM Subject:- Ceiling of Rs. 5 Lakh on subscription in General Provident Fund (West Bengal Services) in a financial … [Read More...] about Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund

GISS, 1987 – Table of Benefits upto July, 2023

GISS, 1987 – Table of Benefits upto July, 2023

May 23, 2023 By pcadmin Leave a Comment

GISS, 1987 – Table of Benefits upto July, 2023 GOVERNMENT OF WEST BENGALFINANCE DEPARTMENTAUDIT BRANCH No. 031-F(J) W.B. Date: 11.05.2023 MEMORANDUM SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of … [Read More...] about GISS, 1987 – Table of Benefits upto July, 2023

Disbursement of Railway Pension through Private Sector Banks

Disbursement of Railway Pension through Private Sector Banks

May 23, 2023 By pcadmin Leave a Comment

Disbursement of Railway Pension through Private Sector Banks Government of IndiaMinistry of RailwaysRailway Board RBA No. 16/2023 No. 2010/AC-II/21/10/Pt IV New Delhi, dated 15.5.2023 Pr.Financial Advisors,All Zonal Railways & PUS Pr. Chief Personnel Officers,All Zonal Railways … [Read More...] about Disbursement of Railway Pension through Private Sector Banks

Clarification on calculation of ex-gratia for the employees of CPSEs following IDA

Clarification on calculation of ex-gratia for the employees of CPSEs following IDA

May 18, 2023 By pcadmin Leave a Comment

Clarification on calculation of ex-gratia for the employees of CPSEs following IDA W-02/0029/2021-DPE (WC)Government of IndiaMinistry of FinanceDepartment of Public Enterprises Public Enterprises Bhawan,Block 14, Lodi Road,New Delhi 110003.Date: 16.5.2023 CORRIGENDUM Subject: … [Read More...] about Clarification on calculation of ex-gratia for the employees of CPSEs following IDA

TN Govt increases Rate of Dearness Allowance by 4% from 1st April 2023

TN Govt increases Rate of Dearness Allowance by 4% from 1st April 2023

May 18, 2023 By pcadmin Leave a Comment

TN Govt increases Rate of Dearness Allowance by 4% from 1st April 2023 Government of Tamil Nadu2023 MANUSCRIPT SERIES FINANCE [Allowances] DEPARTMENTG.O.(Ms).No.142, Dated:17th May 2023.(Sobakiruthu, Vaigasi-03 , Thiruvalluvar Aandu 2054) ABSTRACT ALLOWANCES - Dearness Allowance - … [Read More...] about TN Govt increases Rate of Dearness Allowance by 4% from 1st April 2023

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

All About Pension

All about Pension

Latest DOPT Orders

Grant of fund for modernisation of Non-Statutory Departmental Canteen located in Central Government Offices

General Election 2023: Grant of Paid holiday on day of Poll for General Election in Karnataka, 2023

Reimbursement of Children Education Allowance (CEA) to Central Government servants having Divyang Children

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Early Closure of Offices in connection with Republic Day Parade/Beating Retreat Ceremony/At Home Function during January, 2023

Latest Finmin Orders

CGEGIS 1980 – Tables of Benefits for the savings fund for the period from 01.04.2023 to 30.06.2023.

Dearness Allowance to Central Government employees effective from 01.01.2023 – FINMIN Order

Compendium of Instructions regarding grant of House Rent Allowance to Central Government employees – FINMIN

CGEGIS 1980: Table of Benefits of saving funds from Oct to Dec 2022

Non-Productivity Linked Bonus (ad-hoc bonus) to Central Government Employees for 2021-22

Latest Railway Orders

Disbursement of Railway Pension through Private Sector Banks

Dearness Relief to Railway pensioners from Jan 2023

State Railway Provident Fund Interest Rate from April 2023 to June 2023

Timely verification of Caste/Community Certificates – Railway Board Order

Timelines for completion of APAR to Railway Employees for 2022-23

Categories

Copyright © 2023