Maha CM Shinde announces implementation of revised NPS for govt staffers

Maharashtra Chief Minister Eknath Shinde Friday announced implementation of a revised National Pension Scheme NPS for state government employees who joined service from November 1 2005 onwardsMaking a statement in both Houses of the Legislature Shinde said as per the decision if employees opt for the revised pension scheme they will get 50 per cent of their last salary as pension and dearness allowance and 60 per cent of this amount as family pension and dearness allowance newswire PTI reportedThe NPS is being implemented in the state from April 1 2015 There are 1345 lakh employees in the state and NPS is applicable to 827 lakh of themThe state government had set up a committee in March 2023 to make a comparative study of the old pension scheme and the NPS The committee looked into means of providing sustainable financial relief for employees who joined service on and after November 1 2005Meanwhile Maharashtras gross state domestic product GSDP was expected to grow by 10 per cent in FY 202425 and the government was committed to ensure that revenue deficit doesnt cross the prescribed limit Finance Minister Ajit Pawar told the Legislative Assembly on FridayThe GSDP which was at Rs 3879 lakh crore in 20232024 was expected to expand by 10 per cent to reach Rs 4267 lakh crore in 202425 Pawar who is also Deputy Chief Minister said in his reply to a debate on the interim budget for 2024 25 presented in the Lower House earlier this weekGSDP indicates total economic output generated within a states boundaries over a specified period typically a fiscal yearPawar said the fiscal deficit gap between governments income and expenditure has been restricted at 232 per cent of state GDPHe rejected the oppositions claim that the government was violating provisions of the Fiscal Responsibility and Budget Management Act FRBM ActInstead he noted the states revenue deficit when revenue expenditure exceeds revenue receipts fiscal deficit and also public debt all are within parameters set by the FRBM Act as well as the Finance CommissionThe fiscal deficit in 202324 was 289 per cent which was below 3 per cent of GSDP as laid down by the Finance Commission and the gap will be further down to 232 per cent in 202425 the deputy CM told the HouseThe public debt will be Rs 782 lakh crore in 202425 which will be 1835 per cent of GSDP below the prescribed limit of 25 per cent FRBM Act stipulates ceiling for debt to GSDP ratio at 25 per cent he saidMaharashtra has faired well in managing its debt considering that some states have crossed the 25 per cent limit pointed out PawarHe said the GST Goods and Services Tax recovery has also increased filling the state coffers substantially The GST revenue has increased 199 per cent which is the highest for a state in the countryThe deputy CM maintained the interim budget in which total expenditure for the next fiscal year was pegged at Rs 600522 crore with a revenue deficit of Rs 9734 crore focuses on agriculture education public works health and medical education social justice among other segmentsApart from this thrust has been given on infrastructure development to facilitate industrial growth he statedPawar noted his government was profarmer and highlighted measures taken for cultivators including providing benefit of crop insurance to them by paying only Re 1 contributing Rs 6000 per eligible farmer per year in the centrallysponsored Namo Shetkari Sanman scheme as well as providing essential foodgrains at subsidised ratesHe said Mahananda Dairy a state government entity will be handed over to any institution which gives the best proposal for managing it and rejected speculations that the undertaking has been handed over to a Gujaratbased organisationOpposition members staged a walkout protesting against Pawars reply and stating that common citizens had not got any relief in the interim budget With inputs from PTI