Govt. will allot 1.10 Lakh Crore in budget to implement 7th CPC and OROP : F.M.

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.