India Needs To Grow 1.5% Faster To Sustain Wage Hikes, Benefits: Arun Jaitley

India needs to grow by an additional 1-1.5 percent so that it can sustain wage hike after the acceptance of the seventh pay commission recommendations and other benefits given to workers and the poor, Finance Minister Arun Jaitley said at a function organized by Bharatiya Mazdoor Sangh, the trade union affiliated to the Rashtriya Swayamsevak Sangh (RSS), in New Delhi.

“Our GDP growth of 7.5 percent is at a time when the world is experiencing global slowdown. We need to increase our growth rate. We have to at least increase it by 1-1.5 per cent,” he said.

The Finance Minister appealed to labor unions to support the government in its growth-oriented policies and in return promised to help the unions in achieving their reasonable demands such as wage increase.

Jaitley added that the government wanted the benefits of the gains of economic growth should go first to laborers and the poor.

Separately, Jaitley told reporters that the GST will be passed as the strength of main opposition party is “shrinking” in the Rajya Sabha.

“Congress has said even Trinity of Gods cannot make GST happen soon. Gods don’t vote in Parliament but MPs do. Shrinking strength of Congress in the Rajya Sabha can make it happen,” he said.

The material has been provided by InstaForex Company –