Amendment status not verified — confirm the current text below against the official source.
Substituted by Act 13 of 2011 w.e.f. 19.03.2011. (3) The review report shall explain : (a) any deviation or likely deviation in meeting the obligations cast on the State Government under this Act; (b) whether such deviation is substantial and relates to the actual or the potential budgetary outcomes, and how much of the deviation can be attributed to general economic environment and to policy changes by the State Government; and (c) the remedial measures the State Government proposes to take. (4) Whenever there is a prospect of either shortfall in revenue or excess of expenditure over pre-specified levels for a given year on account of any new policy decision of the State Government that affects either the State Government or its Public Sector Undertakings, the State Government, prior to taking such policy decision, shall take measures to fully offset the fiscal impact for the current and future years by curtailing the sums authorized to be paid and applied from and out of the Consolidated Fund of the State under any Act to provide for the appropriation of such sums, or by taking interim measures for revenue augmentation, or by taking up a combination of both. Provided that nothing in this sub-section shall apply to the expenditure charged on the Consolidated Fund of the State under clause (3) of article 202 of the Constitution. Provided further that, while adhering to the fiscal targets, the State Government will give priority to protecting certain expenditure declared in the Medium Term Fiscal Plan as “high priority development expenditure” (including, inter alia, elementary education, basic health and rural water supply) from curtailment or may impose a reduced or partial curtailment. (5) Whenever one or more supplementary estimates are presented to the Houses of Legislature, the State Government shall also present an accompanying statement indicating the corresponding curtailment of expenditure and/or augmentation of revenue to fully offset the fiscal impact of the supplementary estimates in relation to the budget targets of the current year and the Medium Term Fiscal Plan objectives and targets for the future year.