Definitions

In this Act, unless the context otherwise requires,- (a) “Budget” means the annual financial statement laid before the State Legislature under article 202 of the Constitution; (b) “Current year” means the financial year for which Budget and Medium Term Fiscal Plan (MTFP) is being presented; (b-1) “Finance Commission” means the Commission constituted under Article 280 of the Constitution of India; (c) “financial year” means the year beginning from 1st day of April and ending on 31st day of March following; (d) “fiscal deficit” means the excess of (i) total disbursements from the Consolidated Fund of the State(excluding repayment of debt) over total receipts into the Fund excluding the debt receipts during a financial year; or (ii) total expenditure from Consolidated Fund of the State (including loans but excluding repayment of debt) over own tax and non-tax revenue receipts, devolution and other grants from Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt, of the State Government during the financial year; (e) “fiscal indicators” means the measures such as numerical ceilings and proportions to gross state domestic product, as may be prescribed, for evaluation of the fiscal position of the State Government; (f) “non-interest Committed Revenue Expenditure” means the sum total of salary expenditure and pension expenditure of the State in the revenue account of the Consolidated Fund of the State; (g) “off Budget Borrowings” means borrowings by the State Government or its Agencies which are not reflected in the Budget; (h)“prescribed” means prescribed by rules made under this Act; (i) “previous year” means the year preceding the current year; (j) “primary deficit/surplus” means the non-interest Fiscal Deficit/Surplus; (k) “Reserve Bank” means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934; (l) “revenue deficit” means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the State Government without corresponding increase in assets of the State Government; and (m) “total liabilities” means the liabilities under the Consolidated Fund and the Public Accounts of the State of Orissa. (1) In these rules, unless the context otherwise requires, - (a) “Act” means the Orissa Fiscal Responsibility and Budget Management Act, 2005; (b) “Budget at a glance” means the Budget at a glance containing consolidated information on state’s receipt and expenditure and other related information as placed before the Legislature along with the Budget; (c) “Form” means a Form appended to these rules; (d) “GSDP” means the Gross State Domestic Product at Current Prices; (e) “Mandated Revenue” means the sum total of state’s share in central taxes and the non plan revenue deficit grant received from Government of India; and (f) “Section” means a section of the Act. (2) The words and expressions used but not defined in these rules and defined in the Act shall have the same meanings as respectively assigned to them in the Act. In the Orissa Fiscal Responsibility and Budget Management Act, 2005 (hereinafter referred to as the principal Act), after clause (b) of section 2, the following clause shall be inserted, namely:– '(b-1) “Finance Commission” means the Commission constituted under Article 280 of the Constitution of India;’.