(1) The State Government shall take appropriate measures to reduce the revenue deficit and manage the debt consistent with fiscal stability.
(2) The State Government shall be guided by the following fiscal management principles, namely: -
(a) to maintain State Government debt at prudent levels;
(b) to manage guarantees and other contingent liabilities prudently with particular reference to the quality and level of such liabilities;
(c) to ensure that policy decisions of the State Government have due regard to their financial implications on future generations;
THE HIMACHAL PRADESH FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2005 5
(d) to ensure a reasonable degree of stability and predictability in the level of the tax burden;
(e) to maintain the integrity of the tax system by minimizing special incentives, concessions and exemptions;
(f) to pursue tax policies with due regard to economic efficiency and compliance costs;
(g) to pursue non-tax revenue policies with due regard to cost recovery and equity;
(h) to ensure that physical assets of the State Government are properly maintained; and
(i) to disclose sufficient information to allow the public to scrutinize the conduct of fiscal policy and the state of public finances.