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Budget 2016: Arun Jaitley biggest burden are 7th Pay Commission report, OROP scheme

Wed March 02 2016, 7:33 am
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    Budget 2016: Arun Jaitley has listed 7th Central Pay Commission report award and implementation of One Rank One Pension (OROP) for defence forces as some of the biggest burdens on the government for which he will have to 'prioritise' expenditure.(Reuters)

  • Budget, budget 2016, budget news, budget news 2016, 7th pay commission, 7th pay commission latest news 2016, 7th pay commission report, OROP, orop latest, OROP news, orop table, orop latest news

    Budget 2016: "The financial years 2015-16 and 2016-17 have been and will be extremely challenging for government expenditure. The next financial year will cast an additional burden on account of the recommendations of the 7th Central Pay Commission report and the implementation of Defence OROP. (Express Photo)

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    Budget 2016: "The government, therefore, has to prioritise its expenditure", Arun Jaitley said while presenting the Union Budget 2016-17 in Lok Sabha. During the financial year 2016-17, central government has to make provision for about Rs 1.10 lakh crore to meet the liabilities on account of the 7th Pay Commission and OROP, Arun Jaitley said earlier this month.

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    Budget 2016: Arun Jaitley speech highlighted the fact that the government has been able to improve its budgeted expenditure due to revenue buoyancy in the current fiscal, despite a steep cut in central share of taxes. "We see these challenges as opportunities... We wish to enhance expenditure in the farm and rural sector, the social sector, the infrastructure sector and provide for recapitalisation of the banks. (Reuters)

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    Budget 2016: Arun Jaitley has given relief to individual income tax payers and increased the tax deduction limit to Rs 60,000 per annum from the current Rs 24,000 on the housing rent. "I propose to increase the limit of deduction of rent paid under 80 GG from Rs 24,000 per annum to Rs 60,000 to provide relief to those who live in rented houses," he said while presenting the Budget for 2016-17 in the Lok Sabha. (AP)

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