The Jharkhand Fiscal Responsibility and Budget Management (Amendment) Act, 2011

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Finance20113 sections

This Act regulates the financial management of the state government of Jharkhand. It applies to Jharkhand state authorities and establishes strict targets for managing the state's economy. Specifically, it mandates reducing the fiscal deficit to three percent of the Gross State Domestic Product by March 2012 and gradually lowering outstanding state debt targets through 2015. Additionally, it creates a new specialized monitoring committee to oversee and track this fiscal progress. This law is important because it promotes long-term economic stability, ensures responsible public spending, and prevents the state government from falling into unsustainable debt, thereby safeguarding taxpayer money for all citizens.

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0. Preamble
1. Short title extent and commencement ;
2. Amendment in Section 5(1)(b) and insert a new Sub-section 5(h) at the end of Section 5 of the Jharkhand Fiscal Responsibility and Budget Management Act, 2007.

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