Need to grow 1.5% faster to sustain wage hikes, sops: Arun Jaitley
Indian economy needs to grow by extra 1-1.5 percentage points to sustain wage hike and other benefits given to workers and the poor, finance minister Arun Jaitley said on Wednesday.
“Our GDP growth of 7.5 per cent is at a time when the world is experiencing global slowdown. We need to increase our growth rate. We have to at least increase it by 1-1.5 per cent,” he said at the felicitation function organised by Bharatiya Mazdoor Sangh (BMS).
India’s Gross Domestic Product grew at 7.2 per cent in first half of 2015-16. Finance ministry’s Mid Year Economic Analysis estimates GDP growth between 7 per cent and 7.5 per cent in the current financial year.
“In the coming year, there would be burden of Rs 1.02 lakh crore of Seventh Pay Commission, OROP (One Rank One Pension) burden is also there. That burden can be sustained only when there is increase in economic activity. Because of increased economic activity, government revenue and resources will go up,” he said.
Read full article: Indian Express
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