The Nagaland Fiscal Responsibility and Budget Management (Amendment) Act, 2011

The Nagaland Fiscal Responsibilityand budget management(Amendment) Act, 2011 (Act No. 9 of 2011)

Received theassentoftheGovemoron2.6.2011 and published intheNagaland Gazette Extraodinarydated 29*June2011.

To further amend the Nagaland Fiscal responsibilityand Budget management Act, 2005.

Be it enacted by theNagalandLegislativeAssembly inthe sixty-second yearof the RepublicofIndiaasfollows:-

1. (1) This Act may be called theNagaland Fiscal Responsibilityand Budget Management (Amendment)Act, 2011.
2. (2) It shallcome intoforce with immediate effect.

"Incur zerorevenue deficitorachieverevenue surplusduring each of theyears 2010-11,2011-12 2012-13-2013-14 and 2014-15;"

Section 9 clause2 sub-clause (ii)ofthePrincipalAct shall be substitutedby the following:-

"Achieve fiscal deficit of3%of projectedGross StateDomestic Product (GSDP) by theyearending3l"March2015. TheFiscalDeficitpathfortheState shallbe 3.5% of projected GSDP for the years 2011-12 and 2012-13 and 3% of Projected GSDP fortheyears 2013-14 and 2014-15;"

Section9clause2sub-clause(iii)of the PrincipalActshallbe substitutedby the following:-

"Reduce the debt to GSDP ratio and achievethe following targets-56.8% in 2010-1 1,55.8%in2011-12,54.9%in2012-13,53.5%in2013-14and 52.3% in2014-15;"