Amendment of section 2.

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....esponsibility Act),-           (i) after clause (a), the following clause shall be inserted, namely:-                '(aa) "effective revenue deficit" means the difference between the revenue deficit and grants for creation of capital assets;';         &nb....

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....use 147 seeks to amend section 3 of the aforesaid Act relating to fiscal policy statements to be laid before Parliament. It is proposed to amend sub-section (1) of the said section so as to insert a new clause (d) relating to the Medium-term Expenditure Framework Statement which is also a statement of fiscal policy in addition to the statements of the fiscal policy specified therein. It further se....

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....th a three-year rolling target for prescribed expenditure indicators with specification of underlying assumptions and risk involved; (b) the Medium-term Expenditure Framework Statement shall, inter alia, contain the expenditure commitment of major policy changes involving new service, new instruments of service, new schemes and programmes; the explicit contingent liabilities, which are in the f....