Home/ Economy / Centre announces hike in DA, MSP on jute prices and more; here are the details
Back

Centre announces hike in DA, MSP on jute prices and more; here are the details

The CCEA took the decision to increase the DA of Central government employees, extend subsidy on LPG cylinders under PMUY, and hike the MSP prices on jute.

(File) Union Minister Anurag Thakur at Parliament House complex during ongoing Budget Session, in New Delhi, Friday, March 24, 2023. (PTI Photo/Kamal Singh)   (PTI)Premium
(File) Union Minister Anurag Thakur at Parliament House complex during ongoing Budget Session, in New Delhi, Friday, March 24, 2023. (PTI Photo/Kamal Singh) (PTI)

Union Information and Broadcasting Minister Anurag Thakur on 24 march announced that the cabinet increased the dearness allowance and dearness relief by 4 per cent to 42 per cent to benefit 47.58 lakh central government employees and 69.76 lakh pensioners.

Thakur, while addressing the media, after the meeting of Cabinet Committee on Economic Affairs (CCEA), he said that the additional installment of will be effective from 1 January 1, 2023.

He also announced that the government has decided to hike MSP on jute by 300 to 5,050 per quintal.

ALSO READ: Centre hikes DA by 4% for govt employees, pensioners

Here are top announcement by the Union Cabinet:

1) Cabinet increased dearness allowance and dearness relief by 4 per cent to 42 per cent to benefit 47.58 lakh central government employees and 69.76 lakh pensioners.

2) The additional installment of will be effective from 1 January 1, 2023.

3) The additional instalment will represent an increase of 4% over the existing rate of 38% of the basic pay/pension, to compensate against price rise.

4) Combine impact on the exchequer on account of both DA and DR would be 12,815.60 crore per annum.

5) Government has decided to hike MSP on jute by 300 to 5,050 per quintal.

6) This would ensure a return of 63.20% over the all India weighted average cost of production and assures a minimum of 50% as margin of profit.

7) The Jute Corporation of India (JCI) will continue as Central Government Nodal Agency to undertake Price Support Operations and the losses incurred, if any, in such operations, will be fully reimbursed by the Central Government.

8) The Cabinet also approved a subsidy of 200 per 14.2 kg cylinder for up to 12 refills per year to be provided to the beneficiaries of Pradhan Mantri Ujjwala Yojana(PMUY).

9) The total expenditure will be 6,100 crore for financial year 2022-23 and 7,680 crore for 2023-24. As on 1st March 2023 there are 9.59 crore PMUY beneficiaries.

ABOUT THE AUTHOR
Saurav Mukherjee
A business media enthusiast...believe to listen more, than just blabbering like others.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 24 Mar 2023, 09:58 PM IST
Recommended For You
×
Get alerts on WhatsApp
Set Preferences My Reads Watchlist Feedback Redeem a Gift Card Logout