Finance Minister Arun Jaitley today said that government has taken various decisions in meeting in Cabinet meeting held today. The decisions include four-laning of three national highways...
Finance Minister Arun Jaitley today said that government has taken various decisions in meeting in Cabinet meeting held today. The decisions include four-laning of three national highways, proposal to open shops for 365 days and till late night, National Mineral Exploration policy and implementation of 7th Pay Commission.
Arun Jaitley said that four laning of Roopnagar Highways in Punjab at cost of Rs 1,444.42 crore, Angul-Sambalpur Highways in Odisha at cost of Rs 2,491.53 crore and Aurangabad Highway in Maharashtra at Rs 228.91 crore to will be done.
FM also said that government has sent a Model Shops & Establishment Bill proposal to states to implement the law that will enable shopkeepers to open shops till late night and women will also be permitted to work till late but only after the certain conditions are met with. Government has announced this in budget this year and this will create a level playing field for offline and online retailers.
Government has also cleared National Mineral Exploration Policy to regulate non-fuel, non-coal minerals and under this 100 mineral fields will be auctioned soon and will attract private investment.
Putting forward his views on 7th Central Pay Commission recommendation, which has attracted criticism and protest from various central government employees section, Arun Jaitley said government has largely accepted pay panel’s suggestions and this will be implemented from January this year. There are around one crore central government employee and after implementation of 7th Pay Commission, government salaries will be higher than private sector.
Jaitley said that the government has accepted the proposal to increase the pay and pension 2.57 times and will pay arrears in current fiscal year itself, however, the current allowances will continue for time-being.
Arun Jaitley also said that government has revised higher outlay for setting up 8 new IITs at Rs 6,080 cr.
Here are some key point of Arun Jaitley’s press conference:
* Govt has changed one recommendation to keep parity between paramiliatry forces and defence employees
* Government may provide employees with low-cost Insurance
* Govt will bear the annual burden of 7th Pay Panel which stands at Rs 1.02 lakh crore
* Government has retained the annual increment rate at 3% p/a.
* Pay Panel’s recommendation costs General budget Rs 60,608 crore while it will cost Rail budget Rs 24,325 crore
* On NPAs: Situation of bank’s GNPA is quite under control as PSBs have made operational profit while stressed firms are deleveraging fast