It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
The Y V Reddy-headed commission said the states should use extra fiscal space for productive assets
The Pay Commission is an administrative system/mechanism that the government of India set up in 1956 to determine the salaries of government employees. The First Pay Commission was established in 1956, and since then, every decade has seen the birth of a commission that decides the wages of government employees for a particular time-frame.
The Finance Commission on Monday suggested a re-look into the issue of decentralisation in view of the lack of transfer of resources to local bodies, but said the exercise should not "rob" the autonomy of local governments.
There shall be two dates for grant of increment - January 1 and July 1 every year
Top finance ministry officials and members of Planning Commission on Friday gave a thumbs up to the Union Budget 2003-2004 saying Finance Minister Jaswant Singh had laid out a roadmap for greater flow of investment and industrial growth.
Budget has laid emphasis on increasing social spends
The government hopes to use this data to assess the extent of financial support needed to recover from the pandemic.
The FATF continuing Pakistan in the 'Grey' list means its downgrading by IMF, World Bank, ADB, EU and also a reduction in risk rating by Moody's, S&P and Fitch.
The 61-year-old MLA from Islampur seat of Maharashtra was issued the first summons for appearance on May 12 but he had sought deferment for about 10 days citing some personal and official engagements.
The AAP government has decided to set up a commission of inquiry to probe alleged irregularities including financial bunglings in the DDCA.
The Planning Commission does not foresee any significant disruption of state finances on account of increase in salaries of state government employees.
Govt is likely to find it hard to meet deficit target next year.
Cities are setting the rules that now carry life and death implications for their residents, and most of these rules are sought to be set by the municipal authorities who have never wielded such power, reports Subhomoy Bhattacharjee.
The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.
Former Finance Commission chairman A M Khusro, who died in New Delhi on Sunday, was a distinguished academic, scholar and a towering personality. Besides heading the 11th Finance Commission, he was the chairman of IEG.
Sitharaman exhorted the states to work together with the Centre, stating that while the Union government sets the direction of economic growth, it is for the states to ensure effective implementation on the ground.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
Finance Minister P Chidambaram will soon have to decide whether to stick by his predecessor's choice of former Reserve Bank governor Y V Reddy for chairmanship of the 14th Finance Commission, to be set up next month.
There are wide spread speculations in corridors of power in the Capital that Deputy Chairman of Planning Commission Montek Singh Ahluwalia may take over as the next finance minister of India.
Nijjar was a close associate of Gurdeep Singh alias Deepa Heranwala, who was involved in the killing of around 200 people in Punjab during the late 1980s and early 1990s.
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
India's role as a leader of the global south may require it to give up its ambition to serve as a bridge between the warring halves of the international community, points out Mihir S Sharma.
Prime Minister Narendra Modi on Tuesday attacked the Congress, saying it skipped the meeting convened to select the new Chief Information Commissioner (CIC) as he is a Dalit and this reflected the anti-Scheduled Castes mindset of the main opposition party.
The amount constitutes 45 per cent of the railways' total wage bill.
2010 was indeed an eventful year from the personal finance perspective. The year had its share of controversies, forward looking policies as well ones which will pinch your pocket more in days to come. Here is a look at top 10 news items (in no particular order).
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
The Pay Commission process is symptomatic of a national crisis within the Indian state.
A Bench comprising Justice S B Sinha and Justice S H Kapadia took a serious view of the non-allocation of funds by the 12th Finance Commission to enable the continuance of the FTCs.
The commission has, over a period of time, identified various parties which have not contested polls since 2005 and has 'delisted' over 200 of them.
Andhra Pradesh has been demanding a Special Category State status from the Centre ever since the state's economic powerhouse Hyderabad, which housed several IT and pharmaceutical companies as well as PSUs, went to Telengana in the bifurcation
Pawar said, "I will meet PM Narendra Modi on July 18. During the meeting, I will take up various issues related to farmers with him. (NCP leader) Praful Patel and I will attend the National Democratic Alliance (NDA) meeting."
Creating many more half-decent jobs for the 10 million plus new entrants to the labour force each year must surely constitute the primary development challenge for India today.
Once more women assume leadership roles and join the nation-building process, he said, adding they will become a guarantee of the country's bright future.
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
Jaitley said focus is on larger expenditure on social sector.
Three key babus will make room for a new set of officers to carry the baton of Budget programmes.
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