7th Pay Commission: Another reason rises that favours government servants
7th Pay Commission: Notably, the government is worried that the massive outgo of finances on salary hike may have a massive impact on the sarkari exchequer. However, a number of good news has come from various sources, institutions and agencies that say the position of the Indian economy is getting stronger by the day. In fact, IMF says the going is so good that India has become the fastest growing economy in the world for 2018 at 7.4 percent. Another foreign agency has held out an even better forecast.
7th Pay Commission: There has been a constant stream of information that has been building up positivity to boost the demand for a fitment factor hike to 3.68 times that will boost minimum salaries to Rs 26,000 level. Notably, the government is worried that the massive outgo of finances on salary hike may have a massive impact on the sarkari exchequer. However, a number of good news has come from various sources, institutions and agencies that say the position of the Indian economy is getting stronger by the day. In fact, IMF says the going is so good that India has become the fastest growing economy in the world for 2018 at 7.4 percent. Another foreign agency has held out an even better forecast. Fitch has said that India's growth will accelerate to 7.5%. "Fitch expects growth to accelerate to 7.3 per cent in the fiscal year ending March 2019 (FY19), and 7.5 per cent in FY20, from 6.5 per cent in FY18," it said. Other high profile agencies have also talked well of India and its rising GDP rate after the hiccups post demonetisation and GST rollout. Now that the efect has worn off, there are positives everywhere.
In fact one of the other major offensives by authorities has been against black money. The government has said that the fight against illicit money has been very successful. That means just one thing, avenues for wrongdoers have lessened and the money is now flowing rightfully towards the government. From fear of government crackdown to strengthening of rules, the effect has been very positive. In effect, this is expected to shore up government revenues very well and what that may well do is put it in a comfortable position to meet the demands of various segments of society. While its economic policies are set to get adequate finances, the demands of central government employees too get into favourable territory - a win-win situation for all.
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No doubt, there is big uncertainty involved because vying for attention are a number of other segments in the society at large as well as in government system. Notably, Indian Railways staff have been protesting in favour of their demands too. They are still waiting. While central government employees are not protesting, their wait has been long. However, things are falling in place and as the general elections 2019 get nearer the atmosphere is going to get increasingly accommodative for a 7th Pay Commission linked fitment factor hike by the amount demanded by the government employees rather than the much lower one of 2.57 times that is recommended by the report itself.