Home Minister Amit Shah has approved the proposal of payment of all 7th CPC allowances to the government employees of Union Territory of Jammu and Kashmir and Union Territory of Ladakh, which shall come into existence from October 31.
The revised pay will be effective from January 1, 2017, as per the statement.
"This will directly benefit a total of 29,264 teachers and other academic staff of state government funded institutes. Besides, about 3.5 lakh teachers and other academic staff of private colleges or institutions within the purview of All India Council of Technical Education (AICTE) will also benefit from the approval," Union HRD Minister Prakash Javadekar told reporters.
For the October-December quarter of this year, the Dun & Bradstreet Composite Business Optimism Index stood at 79.5, registering an increase of 3.6 per cent as compared to the year-ago period.
"Ex-post analysis of CPI shows that the 7th CPC"s HRA increase pushed up headline inflation prints gradually from July 2017, with a peak impact of about 35 basis points (bps)," said the research paper titled 'Impact of Increase in House Rent Allowance on CPI Inflation'.
The move will benefit 7.58 lakh professors, assistant professors and others, HRD minister Prakash Javadekar told reporters.
Finance Minister S B Behera said "we have received the report from the fitment committee and the government is considering to implement the new pay scale for the employees soon."
Industrial output growth stood at 1.7 per cent in May. Before the implementation of Goods and Services Tax (GST), destocking was triggered largely owing to a steep fall in demand from consumers as they delayed purchases on expectation of getting better price post the new indirect tax regime, the report said.
Uttarakhand was the first state government to accept the recommendations of the commission.
Air India divestment would be approached with a sense of urgency but would be premature to determine the course of events, said Finance Secretary Ashok Lavasa.
The revised rates that will come in effect from 1 July 2017 will benefit over 47 lakh employees.
The Ashok Lavasa-led committee, constituted to arrive at a consensus, had on April 28 suggested changes in some allowances applicable to central government employees and also for those in specific categories, including Railways and Defence.
The Ashok Lavasa-led committee on April 28 had suggested changes in some allowances applicable to central government employees and also for those in specific categories, including railways and defence.
D&B expects the CPI inflation to be in the range of 3.5- 3.7 per cent and WPI inflation to be 5.4-5.6 per cent during April this year. According to official data, retail prices jumped to a 5- month high of 3.81 per cent in March while WPI-based inflation slipped to 5.70 per cent in March.
However, increase in raw material costs and oil prices may negatively impact sales during the ongoing fiscal during which the number of new model launches will also remain low with cars likely to see more launches compared to utility vehicles, it added.
Central government employees may be in for some good news this April as revised allowances including house rent allowance (HRA) are likely to be announced after April 12, when the ongoing Budget session of Parliament gets over.
The rest will be matched by savings of the ministries/ departments or by enhanced receipts/recoveries aggregates.
Maruti, the country‘s top carmaker with a market share of close to 51 percent, clocked volume growth of 3.5 percent in the October-December 2016 quarter, well ahead of industry growth of 1.8 percent.
In a major benefit to over 1.18 lakh fixed-pay employees in Gujarat, the state government today approved a pay hike ranging between 63 and 124 per cent, which will reflect in their salaries from February 1.
According to global financial services major Bank of America Merrill Lynch, (BofA-ML) the financial year 2017-18 fiscal deficit target is likely to be the same as this fiscal.
Assembly elections in TamilNadu, Assam, West Bengal and Puducherry brought landslide victories for the AIADMK, BJP, TMC and Congress respectively.
The government is expected to raise Rs 1,00,000 crore of additional taxes under the Income Disclosure Scheme II (IDS II), which in turn will help in containing the 2017-18 fiscal deficit, says a report.
Ahead of the Uttarakhand assembly elections next year, the state government has decided to implement recommendations of the 7th Pay Commission from January 1, official sources said.
India's GDP accelerated to 7.3 percent in the September quarter, pushed mainly by farm output, although the momentum may be hit in the coming months owing to demonetisation.
The Japanese car maker's arrangement with the three leading banks includes ex-showroom and on-road funding for its various models.