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of <h1>Finance Act 2018 amends Fiscal Responsibility Act 2003, redefines government debt, GDP, and omits clauses (e) & (f).</h1> The Finance Act, 2018 amends the Fiscal Responsibility and Budget Management Act, 2003, specifically section 2. The amendment redefines 'Central Government debt' to include liabilities on the Consolidated Fund of India, public account liabilities, and certain financial liabilities of entities controlled by the government. It introduces 'general Government debt' as the combined debt of the Central and State Governments, excluding inter-Governmental liabilities. The amendment also defines 'gross domestic product' and 'real gross domestic product' based on current and constant market prices, respectively, and introduces 'real output growth' as growth in real GDP. Clauses (e) and (f) are omitted.
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