The full grant of OROP would raise annual military pensions to Rs 75,000 crore, only slightly less than the salary bill of Rs 93,216 crore.
The Monetary policy committe comprising 6 members voted 6-0 in the favour of the rate cut.
After careful consideration, the finance ministry appears to have rejected the proposal of merging 50 per cent of dearness allowance with basic salary of government employees and setting up of the Sixth Pay Commission.
Aircraft manufacturer Embraer has agreed to pay over $205 million (over Rs 1,371 crore) as settlement with American and Brazalian authorities for resolving corruption charges in India and three other countries.
WorldCom Inc. is close to a settlement with the US Securities and Exchange Commission that would resolve charges it fraudulently misled investors and would require it to pay one of the largest fines ever levied by the agency.
Flight Lieutenant Adivitiya Bal was killed in the line of duty along with Wing Commander Mohit Rana in last week's MiG-21 crash in Barmer. His school in Nagrota, Jammu, gave a final salute to a worthy ex-student.
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
Jaitley said India needed to grow by additional 1-1.5%.
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