Definitions

In this Act, unless the context otherwise requires:- (a) "budget" means the annual financial statement laid before the State Legislature under Article 202 of the Constitution; (b) "current year" means the financial year preceding the ensuing year; (c) "ensuing year" means the financial year for which the budget is being presented; (d) "financial year" means the year commencing on the first day of April; (e) "fiscal deficit" means the excess of aggregate disbursements (net of debt repayments) over revenue receipts, recovery of loans and non debt capital receipts of the State Government; (f) "fiscal targets" means the measures such as numerical ceilings and proportions to GSDP, as may be prescribed for evaluation of the fiscal position of the State Government; (g) "GSDP" means Gross State Domestic Product at current market prices. (h) "Reserve Bank" means the Reserve Bank of India constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934 (No.2 of 1934); (i) "revenue deficit" means the difference between revenue expenditure and revenue receipts of the State Government; (j) "total liabilities" means the liabilities under the Consolidated Fund of the State and the Public Account of the State and includes risk weighted guarantee obligations of the State Government where the principal and/ or interest are to be serviced out of the State budget;