Medium Term Fiscal Policy Statement.

(1) The Medium term Fiscal Policy Statement shall set forth in such form as may be prescribed, the fiscal management objectives of the State Government and three-year rolling targets for the prescribed fiscal indicators with clear annunciation of the underlying assumptions. (2) In particular and without prejudice to the provisions contained in sub-section (1), the Medium Term Fiscal Policy Statement shall include the various assumptions behind the fiscal indicators and an assessment of sustainability relating to- (a) the balance between revenue receipts and revenue expenditure; (b) the use of capital receipts including borrowings for generating productive assets; (c) the estimated yearly pension liabilities worked out on actuarial basis for the next ten years: Provided that in case it is not possible to calculate the pension liabilities on actuarial basis during the period of first three years after the coming into force of this Act, the State Government may, during that period, estimate the pension liabilities by making forecasts on the basis of trend growth rates.