• 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 / GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’

GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’

February 29, 2016 pcadmin Leave a Comment

GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’

While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year. This was possible notwithstanding the contraction of global exports by 4.4% compared to 7.7% growth in the world exports during the last three years of the previous Government. He said that the Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and the global trade had contracted. Amidst these global events, the Indian economy held its ground firmly, due to the inherent strengths and policies of the present Government.

The Finance Minister Shri Jaitley said that the IMF has hailed India as a ‘bright spot’, amidst a slowing global economy. The World Economic Forum has commented that India’s growth is ‘extraordinarily high’. He said that it could be achieved inspite of inheriting an economy of low growth, high inflation and zero investor confidence in Government ‘s capability to govern.

The Finance Minister Shri Jaitley further said that CPI inflation which was 9.4% during the last three years of the previous Government had come down to 5.4%. This was accomplished despite monsoon shortfall of 13% for two consecutive years. Calling India’s external situation as robust, Shri Jaitley said that the Current Account Deficit had declined from 18.4 billion US dollars in the first half of last year to 14.4 billion this year, projected to be 1.4% of GDP by the end of this year. India’s foreign exchange reserves are at the highest level of about 350 billion of US dollars.

The Finance Minister affirmed the principle that money with Government belongs to the people and the Government has the sacred responsibility to spend it prudently and wisely for the welfare of people, especially for the poor and the downtrodden. He said that the Plan expenditure at RE stage has been increased in 2015-16 in contrast to the usual practice of reducing it. Shri Jaitley pointed-out three serious implications facing the Indian economy. Firstly, we must strengthen our firewalls against the risks of further global slowdown and turbulence by ensuring macroeconomic stability and prudent fiscal management. Secondly, since foreign markets are weak, we must rely on domestic demand and Indian markets to ensure that India’s growth does not slow down. And thirdly, we must continue with the pace of economic reforms and policy initiatives to change the lives of people for the better.

The Finance Minister said that the Government has also to prioritise its expenditure for the Financial Year 2016-17 on account of the recommendations of 7th Central Pay Commission and the implementation of Defence OROP. Also, the 14the Finance Commission has reduced the Central share of taxes to 58% from 68%. Shri Jaitley said that the government wished to enhance expenditure in the farm and rural sector, the social sector, the infrastructure sector and provide for recapitalisation of banks as these sectors need immediate action.

The Finance Minister Shri Jaitley also said that the Government will undertake three major schemes to help the weaker section of the society. The Pradhan Mantri Fasal Bima Yojana (PMFBY) will help to protect the farmers from the natural disasters. The farmer will pay a nominal amount of insurance premium and get the highest ever compensation the event of any loss suffered. A health insurance scheme which protect about one-third of India’s population against hospitalization expenditure will also be announced. A new initiative to ensure BPL families are provided with cooking gas connection, supported by a Government subsidy, will also be launched.

Shri Jaitley asserted that the priority of the government is to provide additional resources for vulnerable section, rural areas and social and physical infrastructure creation. He said the Government shall also endeavour to continue with the ongoing reforms and ensure passage of Constitutional amendments to enable implementation of GST, passage of Insolvency and Bankruptcy law and other pending reform measures. He also added that the Government shall enact a law to ensure that all benefits given by the government are conferred upon persons who deserve it, by a statutory backing to AADHAR platform. He added, significant reforms like changes in the legislative framework relating to transport sector, incentivizing gas discovery and exploration, enactment of law to deal with resolution of financial firms, legal framework dispute resolution in PPP projects and public utility contracts, important banking sector reforms and public listing of general insurance companies and significant changes in FDI policy are also on Government’s agenda.

The Union Finance Minister Shri Jaitley set the agenda for the Financial Year 2016-17 as ‘Transform India’.

(Release ID :137000)

Source : PIB

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

Also Read

Union Budget 2023 : Live Updates

Union Budget 2023 : Live Updates

February 1, 2023 By pcadmin Leave a Comment

Union Budget 2023 : Live Updates 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐛𝐮𝐝𝐠𝐞𝐭 𝐢𝐧 𝐀𝐦𝐫𝐢𝐭 𝐊𝐚𝐚𝐥. Budget focuses on 7 priorities, ‘saptrishi guiding us through Amrit Kaal’ This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn at India at 100. … [Read More...] about Union Budget 2023 : Live Updates

AICPIN for the month of December 2022

AICPIN for the month of December 2022

February 1, 2023 By pcadmin Leave a Comment

AICPIN for the month of December 2022 Consumer Price Index for Industrial Workers for December, 2022 The Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling Consumer Price Index for Industrial Workers every month on the basis of retail prices … [Read More...] about AICPIN for the month of December 2022

One Rank One Pension to the Defence Forces Pensioners. orop

One Rank One Pension to the Defence Forces Pensioners.

January 24, 2023 By pcadmin Leave a Comment

One Rank One Pension to the Defence Forces Pensioners. No. 1(1)/2019/D(Pen/Pol)/Vol-IIGovernment of IndiaMinistry of DefenceDepartment of Ex-Servicemen Welfare New Delhi, Dated: 20th January 2023 ToThe Chief of the Defence StaffThe Chief of the Army StaffThe Chief of the Naval StaffThe … [Read More...] about One Rank One Pension to the Defence Forces Pensioners.

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

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

January 23, 2023 By pcadmin Leave a Comment

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day No.16/3/2023-JCAGovernment of IndiaMinistry of Personnel Public Grievances and Pensions(Department of Personnel and Training)Establishment (JCA) … [Read More...] about Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Linking of CGHS Beneficiary ID with the ABHA ID

Linking of CGHS Beneficiary ID with the ABHA ID

January 20, 2023 By pcadmin Leave a Comment

Linking of CGHS Beneficiary ID with the ABHA ID F.No. 44/67/MCTC/CGHSGovernment of IndiaMinistry of Health & Family WelfareDepartment of Health & Family Welfare Nirman Bhawan, New DelhiDated the January, 2023 OFFICE MEMORANDUM SUBJECT: Linking of CGHS Beneficiary ID with the ABHA … [Read More...] about Linking of CGHS Beneficiary ID with the ABHA ID

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

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

Review of CSS Officers (Under Secretary) under FR 56(j) and Rule 48 of CCS (Pension) Rules, 1972

Year-End- Review of DoPT(Ministry of Personnel, Public Grievances & Pensions)-2022

Extension of the LTC block year 2018-21 (extended) for a period of three months

Latest Finmin Orders

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

FINMIN : Dearness Allowance to Central Government employees effective from 01.07.2022.

Compendium of Instructions regarding grant of Transport Allowance at double the normal rates to persons with disabilities employed in Central Government

Latest Railway Orders

Implementation of Railway Services (Revised Pay) Rules, 2016

Computer Advance Interest Rate 2022-23 for Railway Employees

Eligibility of married disabled child for family pension – Railway Board order

Grant of Leave to Probationary officers: Railway Board

Productivity Linked Bonus to all eligible non-gazetted Railway employees for 2020-2021

Categories

Copyright © 2023