Budget has to cover 7th Pay Commission, OROP: Arun Jaitley

Flooded with a large number of cases pertaining to the broadcasting sector in the Telecom Disputes Settlement and Appellate Tribunal (TDSAT), the government is open to setting up a separate dispute resolution mechanism for the broadcasting sector, Union Minister for Finance & Corporate Affairs and Information & Broadcasting Arun Jaitley said.

The 7th Pay Commission in November recommended increase in remuneration of about one crore government employees and pensioners which is estimated to impose an additional burden of Rs 1.02 lakh crore in 2016-17. There was also a suggestion to change the labour ratio in MNERGA such that it can be more productive and used for infrastructure building along with providing jobs.

The finance minister added that even though the expenditure has been more than the Budget estimate this year, the government will manage its fiscal deficit targets.

He explained the world economy is now moving via a challenging stage and it is very delicate, incorporating that ” Indian economy has the capacity to arise as you of the fastest-growing establishments on the planet, although Asia, particularly exports has likewise influenced”. However, he further added that silver lining is low worldwide commodities and oil prices which in turn has helped in better macroeconomic situation of the country.

During the meeting, several members suggested raising tax exemption limit for middle and salaried class from 2.5 lakh to 4 lakh rupees as well widening of tax base and severe punishment for tax evaders.

Higher allocation for agricultural sector, more clarity in crop insurance scheme, relief to industries to set up sewage and affluent treatment plants in order to keep the environment clean were among the other suggestions made for next year’s Budget.

“It was suggested that the threshold limit for mandatory PAN requirement for any transaction above Rs. 2 lakh be raised to Rs. 5 lakh”. In a pre-Budget meeting with the states, Jaitley wanted them to step up spending on infrastructure and poverty alleviation schemes as the 14th Finance Commission has devolved higher funds to them.

Finance Secretary Ratan P Watal, Economic Affairs Secretary Shaktikanta Das and Revenue Secretary Hasmukh Adhia were also present on the occasion of the launch.