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 beginning on the first day of April; (e) "Fiscal Deficit" means the excess of total disbursements (net of repayment of debt) over total revenue receipts, recovery of loans and non-debt capital receipts; (f) "Fiscal Targets" means the numerical ceiling and ratio of such measures as may be prescribed for evaluation of the fiscal position of the State Government; (g) "GSDP" means the 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 (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 the risk-weighted guarantee obligations of the State Government, where the principal and/or interest are met out of the State budget.