In this Act, unless the context otherwise requires,-
(a) budget means the annual financial statement laid before the House or Houses of the State Legislature under article 202 of the Constitution;
(b) current year means the financial year preceding the ensuing year;
(c) ensuing year means the financial year for which the budget is being presented;
(d) financial year means the year beginning on the 1st April and ending on 31 st March next following;
(e) GSDP means Gross State Domestic Product at current market prices;
(f) fiscal deficit is the excess of aggregate disbursements (net of debt repayments) over revenue receipts, recovery of loans and non-debt capital receipts;
(g) fiscal indicators are such indicators as may be prescribed for evaluation of the fiscal position of the State Government;
(h) fiscal targets are the numerical ceilings and proportions to total revenue receipts (TRR) or GSDP for the fiscal indicators;
(i) prescribed means prescribed by the rules made under this Act;
(j) previous year means the year preceding the current year;
(k) revenue deficit means the difference between revenue expenditure and total revenue receipts (TRR);
Explanation:- Total revenue receipts (TRR) includes States own revenue receipts (both tax and non-tax) and current transfers from the Centre (comprising grants and States share of Central taxes).
[xxx]
(l) total liabilities means the liabilities under the Consolidated Fund of the State and the Public Account of the State and shall also include borrowings by the public sector undertakings and the special purpose vehicles and other equivalent instruments including guarantees where the principal and/or interest are to be serviced out of the State budgets.