Effective revenue deficit elimination mandated; government must reduce fiscal and revenue deficits and prescribe implementing rules. The amendment requires the Central Government to reduce fiscal deficit, revenue deficit and effective revenue deficit, eliminate the effective revenue deficit by the target date and thereafter build an effective revenue surplus while limiting revenue deficit to a prescribed ceiling; it further inserts 'effective revenue deficit' into related provisions, advances the statutory target timeline and adds the term into the first proviso to the sub-section, vesting rulemaking authority to prescribe implementation details.