Zee Media Bureau
New Delhi: During the financial year 2016-17, the Central Government has to make provision for about Rs 1.10 lakh crore in order to meet the liabilities on account of implementation of Seventh Pay Commission recommendations and One Rank One Pension (OROP) Scheme, Finance Minister Arun Jaitley said on Friday.
The Finance Minister was making the Opening Remarks at the first meeting of the Consultative Committee attached to the Ministry of Finance during inter-session of Parliament held here today. The Subject of the Meeting was “Suggestions for Budget”.
Jaitley said that all the major economic organisations including IMF have predicted low growth for the world economy in the coming year. He said that these developments have implications on India’s economy as our exports are also affected. However, he further added that silver lining is low international commodities and oil prices which in turn has helped in better macroeconomic situation of the country.
The Finance Minister said that the agriculture growth in the last two years has suffered mainly due to insufficient monsoons. Jaitely said that highest ever amount was given to the States for drought relief during the current financial year 2015-16 and more incentives will be given to agriculture sector for increasing agriculture production and productivity.
The Finance Minister further said that this was also the first time that the real expenditure amount was higher than the Budget proposal.