Thursday, November 27, 2008

Supplementary budget in Orissa to implement pay panel report

Orissa finance minister Prafulla Chandra Ghadei on Wednesday presented a supplementary budget of Rs 7587.69 crore for fiscal 2008-09, clearly indicating that the state government is soon going to implement the Sixth Pay Commission recommendations for state government employees.

Ghadei provided Rs 2255.36 crore in the budget to meet possible pay hike expenses even though the fitment committee constituted by the state government is yet to give its report. Provisions were made to increase the Orissa Disaster Management Fund to Rs 400 crore from Rs 150 crore. The budget provided Rs 499 crore to subsidise the Rs 2 a kilogram of rice programme.

The finance minister provided Rs 56.34 crore for revival of Regional Rural Banks (RRBs). The government of India, Gramya Bank and the state government are required to share the recapitalisation burden at 50:35:15 ratio. As on 31.03.2007, all three RRBs–Utkal Gramya Bank, Kalinga Gramya Bank, and Baitarini Gramya Bank–were running losses. Meanwhile, the last bank has started making profits.

The minister said the government is expecting additional resources of Rs 3000 crore, which includes Rs 994 crore from central taxes and Rs 500 crore from its own taxes and non-taxes.

Source : The Financial Express

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