The Sikkim Fiscal Responsibility and Budget Management Act, 2010
The Sikkim Fiscal Responsibility and Budget Management Act, 2010
The Sikkim Fiscal Responsibility and Budget Management Act, 2010 establishes legal standards for financial discipline and long-term economic planning for the State Government of Sikkim. It applies to the state government, requiring it to present a three-year rolling Medium Term Fiscal Plan alongside its annual budget. The law sets mandatory targets to eliminate revenue deficits, limit fiscal deficits, and cap public debt relative to the state gross domestic product. By enforcing quarterly finance reviews and public disclosure of state liabilities, the Act promotes fiscal transparency, responsible borrowing, and sustainable economic growth for future generations.
- 1. Short title and Commencement
- 2. Definitions
- 3. Medium Term Fiscal Plan to be laid before the Legislative Assembly
- 4. Fiscal Management Principles
- 5. Fiscal Management Targets
- 6. Measures for Fiscal Transparency
- 7. Measures to enforce compliance
- 8. Power to make rules
- 9. Rules to be laid before Legislative Assembly
- 10. Protection of action taken in good faith
- 11. Application of other laws not barred
- 12. Power to remove difficulties
PDF: pending for this language.