• Breaking News

    Thursday, 4 February 2016

    OROP, 7TH PAY TO BE FACTORED IN FY17 FISC TARGET: JAYANT SINHA

    On what the government hopes to achieve through the India investment summit and the National Investment & Infrastructure Fund (NIIF), Jayant Sinha, minister of state for finance said, it aims to attract the biggest global pension and sovereign wealth funds.

    One Rank One Pension (OROP) and 7th Pay Commission will be fully factored into the government’s deficit target for FY17, said Jayant Sinha, minister of state for finance, in an interview to CNBC-TV18, ahead of the India Investment Summit, set to kick off on Thursday.

    “OROP was a promise we had made and have fully delivered on. We have worked towards providing a fair and balanced package,” Sinha said.

    On what the government hopes to achieve through the investment summit and the National Investment & Infrastructure Fund (NIIF), Sinha said it aims to attract the biggest global pension and sovereign wealth funds and provides a platform for India to showcase the headway made with respect to infrastructure.

    “Through the summit we will look at partnerships between foreign companies and the Indian government, “he said, adding that the NIIF initiative has seen lot of interest and so far about 75 applications have been received for the post of CEO for NIIF.

    Sinha said the government is looking to create funds to kick-start the Make in India initiative in Hi-tech manufacturing and to boost India’s renewable energy programme.

    A memorandum of understanding (MoU) has been signed with Russia for Hi-tech manufacturing, he added.

    Referring to the mounting pain of stressed assets in the Indian banking system, Sinha highlighted that the government is working very closely with the Reserve Bank of India (RBI) to deal with the situation and will support banks with respect to capital to reduce their non-performing assets.

    He also stated that there are many sectors which require industry-wide measures and that the government has already undertaken measures in textiles, steel and sugar sectors. Read more at:- moneycontrol

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