11.Seventh Pay commission
- Pay Commission is set up by Government of India to give recommendations regarding changes in salary structure of its employees.
- Since India’s Independence, 7 pay commissions have been set up to review and make recommendations on the work and pay structure of all civil and military divisions of the Government of India.
- The minimum pay has been increased from Rs 7,000 to Rs 18, 000 per month. Starting salary of a newly recruited employee at lowest level will now be Rs 18,000 whereas for a freshly recruited Class I officer, it will be Rs 56,100.
- Rate of increment has been retained at 3%.
- Rates of military service pay revised from Rs 1,000, Rs 2,000, Rs 4,200 and Rs 6,000 to Rs 3,600, Rs 5,200, Rs 10,800 and Rs 15,500 respectively for various categories of defence forces personnel.
- Estimated additional financial impact due to implementation of all its recommendations in 2016-17 will be Rs 1,02,100 crore and an additional of Rs 12,133 crore on account of payments of arrears of pay and pension for two months of 2015-16.
- The recommendations of 7th Pay commission will impact the some 47 lakh employees in the central government and 52 lakh pensioners.
- The Panama Papers are 11.5 million leaked documents containing personal financial information about wealthy individuals from across the world. The leaked documents were created by Panamanian law firm Mossack Fonseca for these individuals and firms to stash money abroad.
- The documents proves the various ways in which the rich can exploit secretive offshore tax regimes.
- Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.
- Over 500 Indians figure on the firm’s list of offshore companies, from film stars Amitabh Bachchan and Aishwarya Rai Bachchan to corporates including DLF owner K P Singh, the promoters of Apollo Tyres and Indiabulls to Gautam Adani’s elder brother Vinod Adani.
13.Bibek Debroy Committee
- Constituted on the restructuring of Indian Railways, it was a seven-member panel headed by eminent economist and NITI Aayog member Bibek Debroy.
- It recommended establishment of an independent regulator Railway Regulatory Authority of India (RRAI) with a separate budget and to be independent of the Ministry.
- RRAI will decide on tariffs to revamp the cash-strapped railways.
- Railway Budget should be phased out with gross budgetary support to Indian Railways. It has also been done.
14.Tapan Ray Panel
- Panel was constituted to suggest amendments in the Companies Act, 2013 to make it easier for companies to do business.
- Among the various recommendations, it recommended that Insider trading and forward dealing provisions to be removed from the Act as Sebi regulations already exist. Thus single and effective control on the matter.
- Others include, small frauds of less than Rs 10 lakh not to be considered under harsh provisions. New entrepreneurs may not be well aware of all the rules and the harsh provisions are not conducive for the startup culture.
- Further it said, Incorporation process to be made easier, allowing greater flexibility to companies, Self-declarations to replace affidavits from subscribers to memorandum and first directors and Managerial remuneration to need only shareholders’ approval. No need for government approval.
- The sector contributes approximately 18% to the GDP and employs nearly 50% of the population but marred by poor productivity and low levels of farmers’ income.
- PM has announced to double farmers’ income by 2022 and for the same many schemes have been launched.
- From Soil Health Card to make farmers aware of their soil quality and use fertiliser accordingly, PM Gram Sichai Yojana for provide for irrigation facilities and National Agriculture Electronic Market to link the various mandis across the country electronically so that produce could be sold widely.