section 4
Fiscal targets
The Meghalaya Fiscal Responsibility and Budget Management Act, 2006Finance200613 sections
Statutory text
- (1) Government may prescribe such targets as may be deemed necessary for giving effect to the fiscal management objectives to-
- (a) Reduce revenue deficit as a percentage of GSPD in each financial year, beginning from 2006-07, in a manner that will enable the State to completely eliminate it by 2008-09;
- (b) Reduce fiscal deficit as a percentage of GSDP in each of the financial year as per yearly reduction to be indicated under the Rules, beginning from 2006-07, in a manner that will enable the State to achieve Fiscal Deficit of 3 of GSDP by 2008-09
- (c) Ensure that total outstanding liabilities on the consolidated fund are not more than 28 of the GSDP;
- (d) Restrict issuing of guarantees except on selective basis where the quality and viability of the scheme to be guaranteed is properly analyzed;
- (e) Bring out an annual statement that gives a perspective on the States economy and related fiscal strategy; and
- (f) Bring a special along with the budget giving details of the number of employees in the Government, Public Section undertakings and aided institutions and related salaries; Provided that the limits specified above may be exceeded on account of unforeseen circumstances such as natural calamities, internal disturbances and shortfall in the transfer of financial resources from the Government of India.
- (2) The reasons for not being able to keep up with commitments the specified in the Act shall be placed before the House of the State Legislature as soon as may be possible after such limits have been exceeded.
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