Notes on clauses - Fiscal Responsibility and Budget Management

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....new clauses (aa) and (bb) defining the expressions of "effective revenue deficit" and "grants for creation of capital assets". Clause 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 Statem....

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....b-section (6A) in the aforesaid section so as to provide that (a) the Medium-term Expenditure Framework Statement shall set forth 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 invo....

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....evenue deficit by the 31st March, 2009 and thereafter build up adequate revenue surplus. Sub-section (2), inter alia, provides that the Central Government shall, by rules made by it, specify the annual targets for reduction of fiscal deficit and revenue deficit during the period beginning with the commencement of this Act and ending on 31^st March, 2009.It is proposed to amend the aforesaid sub-se....