(a) the Macroeconomic Framework Statement;
(b) the Medium Term Fiscal Policy Statement: and
(c) the Fiscal Policy Strategy Statement.
6. Macroeconomic Framework Statement: The Macroeconomic Framework Statement, in such form as may be prescribed, shall contain an overview of the State economy, an analysis of growth and trends in the sectoral composition of GSDP, an assessment related to State Government finances and future prospects.
7. Medium Term Fiscal Policy Statement - (1) The Medium Term Fiscal Policy Statement shall set forth in such form as may be prescribed the fiscal management objectives of the State Government and three-year rolling targets for the prescribed fiscal indicator with clear enunciation of the underlying assumptions.
(2). In particular and without prejudice to the provisions contained In sub section (1), the Medium Term Fiscal Policy Statement shall include the various assumptions behind the fiscal indicator and an assessment of sustainability relating to.
(i) the balance between revenue receipts and revenue expenditure;
(ii) the use of capital receipts Including borrowings for generating productive assets;
(iii) the estimated yearly pension liabilities worked out on actuarial basis for the next ten years:
Provided that in case it is not possible to calculate the pension liabilities on actuarial basis during the period of first three years after the coming into force of this Act, the State Government may, during that period, estimate the pension liabilities by making forecasts on the basis of trend growth rates.
8. Fiscal Policy Strategy Statement- The Fiscal Policy Strategy Statement shall be in such form as may be prescribed and shall contain, inter alia,
(i) the fiscal policies of the State Government for the ensuing year relating to taxation, expenditure, borrowings and other liabilities (Including borrowings by Public Sector Undertakings and Special Purpose Vehicle and other equivalent instruments where liability for repayment is on the State fcgkj xTkV ¼vlk/kkj.k½] 5 vizhy] 2006 4 Government), lending, investments, other contingent liabilities, user charges on Public good/utilities and description of other activities, such as guarantees and activities of Public Sector Undertaking which have potential budgetary implications;
(ii) the strategic priorities of the State Government in the fiscal area for the ensuing year:
(iii) the key fiscal measures and the rationale for any major deviation in fiscal measures pertaining to taxation, subsidy, expenditure, borrowings and user charges on public goods /utilities; and
(iv) an evaluation of the current policies of the State Government vis-à-vis the fiscal management principal set out in section-4, the fiscal objectives set out in the Medium-Term Fiscal Policy Statement in sub-section (1) of section-7 and fiscal targets set out in section-9.