Amendment status not verified — confirm the current text below against the official source.
Section 5 was substituted by Guj. 1 of 2011, s.2. 4 THE GUJARAT FISCAL RESPONSIBILITY ACT, 2005. [ 2005 : Guj.11 (b) reduce fiscal deficit to not more than three per cent. of the estimated Gross State Domestic Product of the year, from the financial year commencing from the 1st April, 2011 and ending on the 31st March, 2012 and maintain at that level thereafter: 1[Provided that, for the financial year 2020-21, additional fiscal deficit of 2 per cent. over and above 3 per cent. of Gross State Domestic Product (up to 5 per cent.) shall be permissible]; (c) cap the total public debt of the State Government so as not to exceed 27.1 per cent. of the estimated Gross State Domestic Product of the year, for each of the financial years commencing from the 1st April, 2011 and ending on the 31st March, 2015; (d) cap outstanding guarantees within the limit provided in the Gujarat State Guarantees Act, 1963: Guj. XXII of