Effective revenue deficit targets strengthened and a Medium-term Expenditure Framework mandated to guide multi-year fiscal planning.

Amendments add definitions for effective revenue deficit and grants for creation of capital assets, mandate a Medium-term Expenditure Framework Statement to be laid before both Houses with three-year rolling expenditure targets, assumptions, risk analysis, commitments from major policy changes, contingent liabilities and detailed breakup of capital grants, and require recalibration of fiscal management to eliminate effective revenue deficit within the prescribed timeline and provide for periodic external compliance reviews laid before Parliament.

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