Medium-term Expenditure Framework Statement requires rolling expenditure targets, disclosure of assumptions, risks and detailed capital-grant breakup.

The Bill inserts definitions of effective revenue deficit (revenue deficit less grants for creation of capital assets) and of grants for creation of capital assets (central grants-in-aid for capital assets owned by recipients). It adds the Medium-term Expenditure Framework Statement to the fiscal policy statements to be laid before Parliament, requiring a detailed analysis of assumptions, a three-year rolling target for expenditure indicators with risks, disclosure of major expenditure commitments and contingent liabilities, and a detailed breakup of capital-creation grants.

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