Section 2: Definitions

In this Act, unless the context otherwise requires---- (a) “annual budget” means the annual financial statement laid before the house of State Assembly under Article 202 of the constitution; (b) “current year” means the year preceding the year for which budget is being presented; (c) “fiscal deficit’ means the excess of--- (i) total disbursements from the consolidated Fund of the State (excluding repayment of debt) over total receipts into the Fund (excluding the debt receipts) during a financial year, or (ii) total expenditure from the consolidated Fund of the State (including loans but excluding repayment of debt) over own tax and non-tax revenue receipts, devolution and other grants from Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt, of to State Government during the financial year; (d) “Fiscal Indicators” means the measures such as numerical ceilings and proportions to gross State domestic product or any other ratios, as may be prescribed, for evaluation of the fiscal position of the State Government; (e) “previous year” means the year preceding the current year; (f) “revenue deficit” means the difference between revenue expenditure and revenue receipts; (g) “total liabilities” means the liabilities under the consolidated Fund of the State and the public account of the State. (h) “Interest Payment’ means the amount payable other than refund of principal amount on the internal debt of the State Government from the Central Government and on State provident funds and other liabilities in the public account.1 --------------------------------------------------------