Medium Term Fiscal Policy Statement

(1) The Medium Term Fiscal Policy Statement shall be in such form as may be prescribed and shall contain Five Year rolling targets for fiscal objectives and projections of the State Government. (2) In particular and without prejudice to the generality of the provisions contained in sub-section (1), the Medium Term Fiscal Policy Statement shall include the following in relation to assessment of fiscal targets and sustainability, -(one) balance between revenue receipts and revenue expenditures; (two) use of capital receipts including borrowings for generation of productive assets; and (three) estimated annual pension liability calculated on actuarial basis or using the trend of growth for the next ten years.