'Due to rural stress, volumes continue to remain an issue for the industry, and we are yet to see any revival in demand.'
It will try to exploit the infighting in the state's ruling Congress while it manages factionalism within its own ranks
GDP growth of 7.7 per cent in the first half of this fiscal has "left sceptics gasping and woefully behind the curve", an RBI article said on Wednesday. It also stressed the buildup in the growth momentum is likely to be sustained. The article on the state of the economy published in the Reserve Bank's December Bulletin on Wednesday also said CPI-based retail inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25 from 5.6 per cent in November.
"The pension amount is too meagre. Even in some cases it is less than Rs 200 per month. There is serious discontent and industrial unrest among the workers, " HMS secretary A D Nagpal said in a letter to the labour minister M Mallikarjun Kharge. Asking the government to address the anomalies in the scheme, Nagpal demanded that pension amount should be reasonably increased and the benefits which were withdrawn should be restored.
In a post on X, the prime minister also urged the people to make contributions to the Armed Forces Flag Day fund.
'Now the political boss decides, and the ED acts.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
"The demand stands already examined in detail and was not found acceptable due to administrative, financial and legal reasons," minister of state for defence M Pallam Raju said in a written reply to a query in the Rajya Sabha. The minister, however, added that the government was examining if it can make improvements in pension given to pensioners.
The poll panel has asked state Congress chief Govind Singh Dotasra to respond to the notices by 3 pm on Thursday and 7 pm on Friday, respectively.
The government on Tuesday said it would carefully consider proposals of a parliamentary standing committee to allow FDI in pension sector on the pattern of the insurance sector.
NPS is a cost-effective instrument with low fund management and other fees. Unlike in mutual funds, investors get the benefit of tax-free rebalancing here.
"I sometimes think of leaving it, but the chief minister's post doesn't leave me," Ashok Gehlot famously said earlier this year, in part as a signal to the Congress top brass not to pick someone else for the job if the party wins the assembly polls.
Former NSG commando Surender Singh, who risked his life while fighting the terrorists during the 26/11 attacks, finally exposes his predicament after not receiving pension for the last 13 months. Priyanka reports from New Delhi.
After a four-year wait, the Pension Fund Regulatory and Development Authority is ready to kick off the process to set up private pension funds so that salaried and non-salaried people can start investing April onwards.
Hailed as a revolutionary offering, the NPs has found few takers even after a year of its launch.
Infighting between Ashok Gehlot and Sachin Pilot has been out in the open throughout the Congress term.
The government may be staring at a modest slippage in fiscal deficit for 2022-23 (FY23), with the Ministry of Finance seeking parliamentary approval for additional spending through a second and final tranche of supplementary demands for grants. On Monday, as the Budget session of Parliament resumed, Finance Minister Nirmala Sitharaman sought Parliament approval for additional gross spending of Rs 2.7 trillion in FY23 (which ends on March 31). While net cash outgo is pegged at Rs 1.48 trillion, the rest will be matched by savings or enhanced receipts, the finance ministry said.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
A five-judge constitution bench headed by Chief Justice DY Chandrachud had on May 11 reserved its verdict on the pleas after a marathon hearing of 10 days.
The minimum capital required for setting up a pension fund is likely to be fixed at Rs 25 crore (Rs 250 million), one fourth of what is prescribed for the insurers.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
With military expenditure of USD 81.4 billion (one billion=100 crore), India's spending was up by six per cent from 2021 and by 47 per cent as compared 2013.
The government has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to 20 days from the existing 30 days.
In a liberal proposal, the Sixth Central Pay Commission has recommended full pension benefit to government employees after 20 years of service, as against the existing 33 years. The hike in gratuity limit to Rs 10 lakh, exclusion of the earned leave encashed while in service from the overall limit, clubbing of earned leave and half-day pay leave for encashment and higher pension to octogenarians are the other liberal steps suggested by the commission.
Proponents of universal pension coverage argue that India is now a rich country with a large population of poor people. So resources are available but not adequately channeled to those who need them.
The first of the six pension funds to be set up in the country is to be launched on October 2, well in time to operationalise the new pension scheme for government employees joining after October.
The Securities and Exchange Board of India (Sebi) may allow non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) greater exposure to domestic equities if their investments are sent through foreign portfolio investors (FPIs) registered at the GIFT City International Financial Services Centre (IFSC). The proposal will be taken during Sebi's board meeting on Saturday along with other key agenda items such as easing of voluntary delisting mechanism and introduction of a regulatory framework for real estate fractional ownership platforms, said people in the know. At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent.
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