(1) The Medium Term Fiscal Policy Statement shall be in such Medium Term Fiscal Policy Statement form as may be prescribed and it shall contain the fiscal objectives of the State Government and five year rolling targets with clear enunciation of 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 targets and an assessment of sustainability relating to:-
(i) the balance between revenue receipts and revenue expenditures;
(ii) the use of capital receipts including borrowings for generating productive assets; and
(iii) the estimated yearly pension liabilities worked out on actuarial basis or using trend growth rate for the next ten years.
8. The Fiscal Policy Strategy Statement shall be in such form Fiscal Policy Strategy Statement 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 guarantees;
(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, administered pricing and borrowings; and
(iv) an evaluation of the current policies of the State Government in the light of the fiscal management principles set out in section 4, the fiscal objectives contained in the Medium-Term Fiscal Policy Statement set out in section 7 and fiscal targets set out in section 9.