Fiscal targets.

(1) The State Government may prescribe such targets as may be deemed necessary for giving effect to the fiscal management objectives; and (2) In particular and without prejudice to the generality of the foregoing provisions, the State Government shall- (i) strive to remain revenue surplus by making a balance in revenue receipts and expenditure and build up further surplus; (ii) strive to bring down fiscal deficit to 3% of Gross State Domestic Product; (iii) limit the amount of outstanding Government guarantees as per the provisions of the Manipur Ceiling on State Government Guarantee Act, 2004; (iv) follow a recruitment and wage policy in a manner such that the total salary bill relative to revenue expenditure excluding interest payments and pensions does not exceed 35 per cent: Provided that revenue surplus may not be able to be maintained or/and fiscal deficit may exceed the limits specified under this section due to grounds of unforeseen demands on the finances of the State Government arising out of national security or natural calamity including famine relief or such other exceptional circumstances, beyond the control of the State Government: Provided further that a statement in respect of the ground or grounds specified in the first proviso shall be placed before the House of the Legislature, as soon as may be after such deficit amount exceeds the aforesaid targets or/and the revenue surplus is not maintained.