The Chhattisgarh State Growth and Stability Fund Act, 2025

1. (1) This Act may be called The Chhattisgarh State Growth and Stability Fund Act, 2025.
2. (2) It extends to the whole State of Chhattisgarh.
3. (3) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint and different dates for different provisions may be appointed.

In this Act, unless the context otherwise requires,-

1. (a) “Act” means The Chhattisgarh State Growth and Stability Fund Act, 2025;
2. (b) “Budget” means the annual financial statement presented by the State Government detailing the estimated receipts and expenditures for the financial year;
3. (c) “Consolidated Fund” means the Consolidated Fund of the State of Chhattisgarh;
4. (d) “Finance Department” means the Finance Department of the Government;
5. (e) “Government” means the Government of Chhattisgarh;
6. (f) “Growth and Stability Fund” means the fund constituted under this Act for the purpose of managing revenues, mineral wealth and other assets;
7. (g) “Prescribed” means as prescribed by rules made under this Act.
8. (h) “Year” means the financial year.

1. (1) There shall be constituted a fund to be called the Chhattisgarh State Growth and Stability Fund for the purpose of ensuring long-term economic growth and fiscal stability.
2. (2) The Fund shall be owned by the State Government and managed as per the provisions of this Act and Rules made thereafter.
3. (3) The Fund shall have a distinct legal identity and shall be managed separately from the Consolidated Fund of the State.

The objectives of the Fund shall be,-

1. (a) to ensure long-term economic stability and fiscal sustainability of the State.
2. (b) to manage cyclical revenue fluctuations and provide a financial cushion during economic downturns.
3. (c) to redeem the benefits of investment and to meet the developmental needs of the State.

The Fund shall be held on behalf of the Governor, by the Secretary to Government in the Finance Department

The Fund shall receive its corpus from the following sources:-

1. (1) Minimum 1% and maximum 5% of last year's revenue receipt from mineral resources.
2. (2) Returns from investments made by the Fund.
3. (3) Any other sources as may be prescribed by the State Government, from time to time.

1. (1) The Fund shall be administered and managed by the Fund Manager. The appointment of Fund Manager and guidelines for investment shall be governed by the rules, notified under this act, to be approved by the Government.
2. (2) The Fund Manager shall invest the accretions to the Fund in accordance with Section 9 of this Act, and shall maintain separate accounts and scrolls for transactions pertaining to the Fund, to ensure distinction from general transactions of the Government.
3. (3) The Fund Manager shall arrange to collect interest on the securities and credit the same to the Fund on the respective due dates.
4. (4) The commission and other incidental charges such as brokerage and transaction fees shall be borne by Chhattisgarh State Growth and Stability Fund itself and debited accordingly.
5. (5) The Fund Manager shall submit periodic statements of balances, investments, and transactions to the Finance Department, as may be prescribed.

1. (1) The Fund shall be utilized only for the capital expenditure in the State.
2. (2) Maximum 25% of the last year annual returns on investments in the fund may be utilised for capital expenditure, if the Government considers it necessary.
3. (3) No withdrawal from the principal corpus shall be made except in a year when revenue receipt from mineral resources decreases 10% or more from previous year's revenue receipt of mineral resources, subject to maximum 10% withdrawal from principal corpus in one Financial Year.

1. (1) The investment of the Fund shall be conducted in a manner that maximizes long-term returns while ensuring the preservation of capital and prudent risk management.
2. (2) The detailed investment guidelines, including permissible investments, diversification strategies, risk management practices, and performance monitoring, shall be issued separately.
3. (3) These guidelines shall be reviewed periodically and updated as necessary to align with the Fund's objectives and changing market conditions.

1. (1) The Fund shall maintain complete transparency in all its operations.
2. (2) The Fund's investment performance shall be monitored regularly against established benchmarks and performance targets.
3. (3) An annual investment report shall be prepared and submitted to the State Legislature, detailing the

Audit of the Fund The accounts of the Fund shall be audited annually by the Accountant General of the State.

Power to make rules

1. (1) The State Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.
2. (2) Such rules may provide for,-
   • (a) The percentage of revenue to be allocated to the Fund
   • (b) Investment guidelines and risk management policies
   • (c) Any other matter necessary for the effective implementation of this Act.
3. (3) Rules for the Management and Usage of the Fund shall be notified by the Government under this Act.
4. (4) Every rules, order, notification or guidelines made or issued by the State Government under this Act, shall be laid, as soon as may be after it is made or issued, before the State Legislative Assembly.

यदि इस अधिनियम के किसी प्रावधान को लागू करने में कोई कठिनाई उत्पन्न होती है, तो राज्य सरकार, राजपत्र के आदेश प्रकाशित कर इस अधिनियम से असंगत ऐसे उपबंध कर सकेगी जैसी कि कठिनाइयों के निराकरण के लिए आवश्यक तथा समीचीन हो ।

इस अधिनियम से असंगत सभी पूर्व प्रावधान निरस्त माने जाएंगे, परंतु पूर्व कानूनों के अंतर्गत की गई सभी कार्यवाहियाँ वैध मानी जाएंगी।