The
Budget 2016 needs to provide Rs 1.10 lakh crore for implementing the One Rank
One Pension (OROP) scheme and 7th Pay Commission award, besides a higher
allocation for the farmsector, Finance Minister Arun Jaitley said on
Friday.
Addressing
the Consultative Committee attached to the Finance Ministry, he also said that
India has a potential to grow at a much faster pace even as he exuded
confidence that fiscal deficit target for the current financial year will be
within target.
The
7th Pay Commission in November had recommended an increase in remuneration of
about one crore government employees and pensioners, which are estimated to
impose an additional burden of Rs 1.02 lakh crore in 2016-17. The new pay
scales, subject to acceptance by the government, will come into effect on
January 1, 2016.
