(1) The State Government shall take appropriate measures to reduce the revenue deficit and build up an adequate revenue surplus by following such principles as may be prescribed.
(2) In particular and without prejudice to the generality of the foregoing provision, the State Government shall progressively reduce—
(a) revenue deficit to nil within a period of five years,—
(i) with reducing revenue deficit upto 1.6% of the Gross State Domestic Product (GSDP) during the financial year commencing from the 1st day of April, 2011, and
(ii) with reducing revenue deficit to zero during the financial year ending on the 31st day of March, 2015, and
(iii) build up surplus amount of revenue and utilize such amount for discharging liabilities in excess of assets;
(b) fiscal deficit to 3% of the estimated Gross State Domestic Product (GSDP) within a period of four years,—
(i) with reducing fiscal deficit upto 3.5% of the Gross State Domestic Product (GSDP) during the financial year commencing from the 1st day of April, 2011, and
(ii) i th reducing fiscal deficit to 3% of the Gross State Domestic Product (GSDP) during the financial year ending on the 31st day of March, 2014:
Provided that the revenue deficit and the fiscal deficit may exceed such limit due to the ground of such natural calamity, or such other exceptional circumstances, as the State Government may, by order published in the Official Gazette, specify.
Provided further that every order made under the first proviso, shall be laid, as soon as may be after it is made, before the West Bengal Legislative Assembly.
THE KOLKATA GAZETTE, EXTRAORDINARY, JULY 30, 2010 [PART III The West Bengal Fiscal Responsibility and Budget Management Act, 2010.
(Sections 5-9.)
Measures for fiscal transparency.
Public Expenditure Review Committee.
Powers and functions of Committee.
Measures to enforce compliance.
Power to make rules.