Finance Minister Arun Jaitley said on Friday that the 2016-17 Union Budget has to provide Rs 1.1 lakh crore for implementing the One-Rank-One-Pension scheme and meet the Seventh Pay Commission liabilities. He also said that the Centre will give more incentives to the agricultural sector for boosting production. Jaitley expressed confidence that the fiscal deficit target for the current financial year will be within reach.
The Seventh Pay Commission in November recommended an increase in remuneration for around one crore government employees and pensioners. It is estimated to impose an additional burden of Rs 1.02 lakh crore in 2016-17, reported PTI. The Centre had also said that it will implement the OROP scheme, under which a uniform pension would be given to armed forces personnel retiring at the same rank with the same length of service.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!