Congress leader Jairam Ramesh alleged that PM Narendra Modi is trying to throttle the finances of India’s states. This came after Karnataka CM Siddaramaiah accused Union Finance Minister Nirmala Sitharaman of denying funds to Karnataka.
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States that return to the Old Pension Scheme (OPS) may face unsustainable fiscal stress, according to a report in the Reserve Bank of India’s September bulletin. The cumulative fiscal burden under OPS could be 4.5 times higher than the National Pension Scheme (NPS), with an additional burden of 0.9% of GDP annually by 2060. The authors warn that unfunded OPS may place severe pressures on state finances in the future.
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External affairs minister S Jaishankar and his Russian counterpart Sergey Lavrov exchange views on bilateral relations and international problems. They emphasize practical steps to develop trade, economic and energy cooperation, as well as interaction in the fields of transport and finances. They also express mutual intent to increase coordination in multilateral formats such as the UN, SCO, Brics, and the G20.
