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Pay panel award to put pressure on Govt finances, says RBI
September 4th, 2008 · No Comments
The RBI on Thursday warned that the government finances will come under pressure due to the Sixth Pay Commission, as also farm-loan waiver and subsidies, and said it will continue tight monetary policy even as inflation eased for the second successive week to 12.34 per cent.
The Economic Times writes “The finances of the Central Government may come under pressure during 2008-09 on account of implementation of the Sixth Pay Commission award including payment of arrears, higher oil subsidies, increase in fertiliser subsidy due to a sharp rise in the price of raw materials and fertiliser in the international market,” RBI said in its report on Currency and Finance 2006-08. In addition to this, the RBI further said that volatile food and energy prices are other causes of concern that call for attention on urgent basis.
Projecting an eight per cent economic growth, the bank said that the overall stance of monetary policy would be to ensure a monetary and interest rate environment that accords a high priority to price stability. ” READ MORE….
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