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 1st April and ending on 31st March next following; (e) "fiscal deficit" means the excess of total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over the sum of revenue receipts, recovery of loans and non-debt capital receipts into the Fund during a financial year; (f) "fiscal indicators" means such indicators as may be prescribed for evaluation of the fiscal position of the State Government; (g) "fiscal targets" means the numerical ceilings prescribed in either absolutes (in Rupee crores) or as proportions to the Gross Domestic Product or other magnitudes for the fiscal indicators; (h) "guarantees" means the liabilities undertaken by State Public Sector Undertakings where servicing and repayment liabilities fall on the State Government in the event of default by the primary borrower; (i) "prescribed" means prescribed by the rules made under this Act; (j) "previous year" means the year preceding the current year; (k) "revenue deficit" means the amount of excess of revenue expenditure over revenue receipts in a financial year; (l) "State" means the State of Manipur; (m) "State's Own Tax Revenue" means the total tax revenue of the State excluding the State's share in Central taxes; (n) "revenue receipts" means the State's own revenue receipts (both tax and non-tax) and current transfers from the Centre (comprising grants and share of Central taxes); (o) "total liabilities" means the sum of the liabilities under the Consolidated Fund of the State, and the Public Account of the State.