Fiscal Management Targets

Fiscal Management Targets- In particular and without prejudice to the generality of the foregoing provisions, the State Government shall-

1. (1) progressively reduce revenue deficit from the financial year 2006-'07, so as to bring it down to zero by 2008-'09 and generate revenue surplus thereafter;
2. (2) reduce fiscal deficit to 3 percent of the estimated Gross State Domestic Product by 2008-'09;
3. (3) reduce revenue deficit annually at an average annual reduction rate consistent with the goal set out in sub-section (1);
4. (4) reduce fiscal deficit annually at a percentage of Gross State Domestic Product at an average reduction rate consistent with the goal set out in sub-section (2);
5. (5) ensure that total outstanding debt, excluding public account, and risk weighted outstanding guarantees in a year shall not exceed twice of the estimated receipts in the Consolidated Fund of the State at the close of the financial year;
6. (6) ensure to bring out annual statement giving prospects for the State economy and related fiscal strategy;
7. (7) ensure to bring out special statement along with the annual budget giving in detail, number of employees in Government, Public Sector and Aided institutions and related salary: Provided that revenue deficit and fiscal deficit may exceed the limits specified under this section due to ground or 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.