Bare Act

The Jharkhand Fiscal Responsibility and Budget Management Act, 2007

This Act establishes a framework for governing the finances of the Government of Jharkhand to ensure long-term fiscal stability. It applies to the entire state government by requiring them to monitor and control deficits, reduce revenue losses, and manage debt levels prudently. The legislation mandates detailed financial planning, including medium-term projections, to ensure that what the government spends is balanced against what it earns over time. This law is important because it helps prevent reckless borrowing and excessive guarantees, protects future generations from excessive tax burdens, and ensures that public funds are managed responsibly for productive development rather than just covering current expenses.

PDF: pending for this language.