​​​
  1. 7th Pay Commission: Massive news! This state promises Rs 21,500 crore for government employees

7th Pay Commission: Massive news! This state promises Rs 21,500 crore for government employees

In some welcome news for government employees, Maharashtra Finance Minister Sudhir Mungantiwar said ahead of the state budget that the government is committed to making financial provisions of Rs 21,500 crore for the Seventh Pay Commission payout for employees.

By: | New Delhi | Published: February 27, 2018 4:00 PM
7th Pay Commission, 7th Pay Commission news, 7th Pay Commission latest news, 7th Pay Commission updates, 7th Pay Commission pay, 7th Pay Commission pay matrix, 7th Pay Commission hike, 7th Pay Commission pay hike, 7th cpc, 7th cpc hike, 7th cpc news, 7th cpc latest news, 7th cpc calculator, 7th Pay Commission calculator Minister Sudhir Mungantiwar said ahead of the state budget that the government is committed to making financial provisions of Rs 21,500 crore for the Seventh Pay Commission payout for employees. (Source: PTI)

In some welcome news for government employees, Maharashtra Finance Minister Sudhir Mungantiwar said ahead of the state budget that the government is committed to making financial provisions of Rs 21,500 crore for the Seventh Pay Commission payout for employees. The state budget session started on Monday and the budget will be presented on March 9. Mungantiwar, who said that the main focus of budget 2018-19 would be investments in agriculture and employment, said that the government is also committed to fulfilling the promise of loan waivers.

“Similarly, our commitment to fulfil the promise of loan waiver of Rs 34,000 crore remains unchanged,” he said. The finance minister revealed that currently, the government is spending a total of Rs 30,000 crore on interest rates while an additional amount of Rs 27,000 crore is spent on pensions. He said that state’s overall debt has gone past Rs 4 lakh crore. The Maharashtra budget session will go on till March 28 and the Economic Survey would be presented in the Assembly and the Council, one day before that.

Talking about the revenue deficit, Mungantiwar said that the government would try to ensure that better fiscal discipline is maintained. “I concede we have major financial constraints and we have to make provisions and identify our priorities within the given space. Higher borrowings to tackle the financial challenges is not ruled out but we also would ensure we maintain better fiscal discipline,” he said.

The Bharatiya Janata Party leader added that the revenue generation was affected by the Goods and Services Tax (GST) and the government has to consider the limitations and responsibilities while fixing its priorities.

He said that even though GST has made it difficult to raise funds, effective fiscal management coupled with curtailing excess expenditure would be the policy to make things better. “The five years’ compensation period provided to states following GST should not be a cause for alarm. Moreover, Maharashtra may not require the compensation from the next year,” Mungantiwar added.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top