Amendment status not verified — confirm the current text below against the official source.
Power to remove difficulties STATEMENT OF OBJECTS AND REASONS The State Government published a White paper on State finances in March 2000. This was followed by a Medium Term Fiscal Plan from 2001-02 to 2004-05, which aimed at achieving fiscal stability and sustainability in the medium term with the clear objectives of eliminating revenue deficit, containing the fiscal deficit to 3% of GSDP, maintaining debt stock as a percentage of GSDP at a prudent level and maximising developmental expenditure. In the Budget for the year 2002-03 an announcement was made to bring out a Fiscal Responsibility Bill to achieve the above objects. The Fiscal Responsibility Bill among other things provides for the following: i) requiring the State Government to lay in each financial year before both the Houses of the State Legislature a medium term fiscal plan along with the annual budget which will set forth four years rolling target for the prescribed fiscal indicators. ii) specifying fiscal management principles to guide the State Government. iii) requiring the State Government to take appropriate measures to eliminate revenue deficit and containing the Fiscal deficit to 3% of GSDP by 31st March