New Delhi [India], March 28 (ANI): The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners with effect from January 1, 2025 representing an increase of two per cent over the existing rate of 53 per cent of the Basic Pay or Pension to compensate against price rise.

Addressing a press conference after a meeting of the union cabinet, Information and Broadcasting Minister Ashwini Vaishnaw said the decision will benefit about 48.66 lakh Central Government employees and 66.55 lakh pensioners.

The combined impact on the exchequer on account of increase in both Dearness Allowance and Dearness Relief would be Rs. 6614.04 crore per annum

This increase is in accordance with the accepted formula, which is based on the recommendations of the seventh Central Pay Commission, an official release said.

In another decision, the Union Cabinet approved the Electronics Component Manufacturing Scheme with a funding of Rs.22,919 crore to make India 'atmanirbhar' in electronics supply chain.

The scheme aims to develop a robust component ecosystem by attracting large global and domestic investments in the electronics component manufacturing ecosystem, increasing Domestic Value Addition (DVA) by developing capacity and capabilities, and integrating Indian companies with Global Value Chains.

The scheme envisages to attract investment of Rs.59,350 crore, result in production of Rs.4,56,500 crore and generate additional direct employment of 91,600 persons and many indirect jobs as well during its tenure.

Electronics is one of the highest-traded and fastest-growing industries globally and is expected to play a pivotal role in shaping the global economy and advancing a country's economic and technological development. (ANI)