Amendment status not verified — confirm the current text below against the official source.
Fiscal targets: (1) The State Government may prescribed such targets as may be deemed necessary for giving effect to the fiscal management objectives. (2) In particulars, and without prejudice to the generality of the foregoing provisions, the State Government shall- i) strive to remain revenue surplus by making a balance in revenue receipts and expenditure and build up further surplus. ii) strive to bring down fiscal deficit to 3% of projected Gross State Domestic Product (GSDP) by the year ending 3 1" March 2009; iii) ensure within a period of 5 years, beginning fiom the initial financial year on the 1"' day of April 2005, and ending on the 3 1" day of March 2013, the total debt stock do not exceed 40 per cent of the estimated GSDP for that year: iv) limit the amount of annual incremental risk weighted guarantees to 1% of the Total Revenue Receipt (TRR) or 1% of the estimated GSDP in the year preceding the current year, whichever is lower; v) follow a recruitment and wage policy, in a manner such that the total salary bill relative to revenue expenditure net of interest payments and pensions does not exceed 61 % in any financial year. Provided that revenue surplus may deteriorate and fiscal deficit may exceed the limits specified under this Section owing to unforeseen demands on the finance of the State Government arising out of internal disturbance or natural calamity or such other exceptional grounds as the State Government may specify. Provided however that a statement in respect of the unforeseen demands specified in the first proviso shall be placed before the House or House of the Legislature, as soon as may be after any such deterioration takes place.