Definitions.- In this Act, unless the context otherwise requires,

1. (a) “Annual Budget” means the annual financial statement laid before both Houses of the State Legislature under article 202 of the Constitution;
2. (b) “Current Year” means the year preceding the year for which budget and Medium Term Fiscal Plan (MTFP) are being presented.
3. (c) “Fiscal Deficit” means the excess of –
   • (i) total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Fund excluding the debt receipts during a financial year; or (ii) 1[XXX] 1[XXX]
4. (d) “Fiscal Indicators” means the measures such as numerical ceilings and proportions to gross state domestic product, as may be prescribed, for evaluation of the fiscal position of the State Government;
5. (e) “Previous Year” means the year proceeding the current year.
6. (f) “Revenue Deficit” 1`means the difference between revenue expenditure and revenue receipts. Explanation: For the purpose, of this clause interest payment by Government towards borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liability for repayment is on Government, shall be treated as revenue expenditure.
7. (g) “Total Liabilities” means the liabilities under the Consolidated Fund of the State and the public account of the State 1[and shall also include borrowings by the Public Sector Undertakings and the Special Purpose Vehicles and other equivalent instruments where the principal and/ or interest are to be serviced out of the State Budget.]

¹ Omitted by Act 17 of 2014 w.e.f. 28.02.2014

¹ Inserted by Act 17 of 2014 w.e.f 28.02.2014