(1) The State Government shall lay in every financial year before the West Bengal Legislative Assembly along with the budget, a medium-term fiscal policy statement and a fiscal policy strategy statement.
PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, JULY 30, 2010 3 The West Bengal Fiscal Responsibility and Budget Management Act, 2010.
(Sectibn 4.)
Fiscal management principles.
(2) 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 years' rolling targets for fiscal indicators with specification of underlying assumptions.
(3) In particular and without prejudice to the provisions contained in sub-section
(2), the medium-term fiscal policy statement shall include assessment of sustainability relating to—
(a) the balance between revenue receipts and revenue expenditure;
(b) use of capital receipts including open market borrowing for generating productive assets.
(4) The fiscal policy strategy statement shall be in such form as may be prescribed and shall, inter alia, contain—
(a) policies of State Government for the ensuing financial year relating to taxation, expenditure;
(b) borrowings and other liabilities, lending and investment and such other activities like underwriting and guarantees and activities of Public Sector Undertakings which have potential budgetary implications;
(c) the strategic priorities of the State Government for the ensuing financial year in the fiscal area;
(d) evaluation as to how current policies of the State Government are in conformity with the fiscal management principles as set out in section 4 and the objectives set out in medium-term fiscal policy statement.