Item/State | Jammu
and Kashmir | Mizoram | Jharkhand
| 1 | 2
| 3 | 4
| 1. Month/Year
of Enactment | August 2006
| October 2006 | May
2007 | 2. Gross
Fiscal Deficit (GFD) | •
3 per cent of GSDP
By March 2010. | •
3 per cent of GSDP by
March 2009. | •
3 per cent of GSDP by March 2009. | | •
Reduce GFD/GSDP By 0.5 per cent in each financial year beginning April 2006. | •
Reduce GFD/GSDP by
such percentage points in
each financial year so as
to achieve 3 per cent of GSDP in March 2009. | •
Reduce GFD/GSDP by Such percentage points in each financial year so as to achieve
3 per cent of GSDP in March 2009. | 3.
Revenue Deficit (RD) | •
Maintain revenue surplus. | •
Nil by March 31, 2009. | •
Nil by March 31, 2009. | | •
Initiate steps to strengthen
revenue surplus. | | |
4. Guarantees | •
Limit the amount of annual
incremental risk weighted guarantees to 75 per
cent of the total revenue receipts (TRR) in the year preceding the current year
or at 7.5 per cent of GSDP
in the year preceding the current year, whichever
is lower. | • Risk weighted
outstanding guarantees in a year shall not exceed twice that of the estimated
receipts in the consolidated fund of the State at the close of the financial year. | –
| 5. Liabilities | •
The total outstanding liabilities shall not exceed 55 per cent of estimated GSDP
in 2010. • Annual reduction in The outstanding liabilities / GSDP ratio
by 500 basis points every year. | •
Total outstanding debt, excluding public account, in a year shall not exceed twice
that of the estimated receipts in the consolidated fund of the State at the close
of the financial year. | •
The total debt stock should be limited to 300 per cent of the TRR of the State
by 2007-08. • In order to bring the debt stock to a sustainable level,
interest payments (IP) to revenue receipts (RR) ratio is to be limited to 18 to
25 per cent. | 6.
Expenditure | • Pursue
expenditure policies that would provide impetus to economic growth, poverty reduction
and improvement In human welfare. • Lay down norms For prioritisation
of capital expenditure. | •
Pursue expenditure poli- cies that would provide impetus to economic growth, poverty
reduction and improvement in hu- man welfare. • Lay down norms for
prioritisation of capital expenditure. • The Government may,
by
notification in the Offi-
cial Gazette, appoint a
committee to be called
the Public Expenditure
Review Committee. | •
Pursue expenditure policies that would provide impetus to economic growth and
poverty reduction. • Management Of Expenditure consistent with the
level of revenue generated. |
Item/State | Jammu
and Kashmir | Mizoram
| Jharkhand |
1 | 2
| 3 | 4
| 7. Medium Term
Fiscal Plan
(MTFP) | •
The MTFP Would Include three years rolling targets for the Prescribed Fiscal indicators.
• Assessment of sustaina- bility relating to the balance
between the Revenue receipts and revenue expenditure. The Use
Of Capital assets for generating
productive assets. The
estimated yearlyPension Liabilities worked out on actuarial basis for the next
Ten years. | •
Assessment of sustaina- bility relating to The balance between
the revenue receipts and
revenue expenditure. The Use
Of Capital assets for generating productive assets. The estimated
yearly
Pension Liabilities worked out on actuarial basis for the next ten
years. | • The
MTFP would include three years rolling targets for the pre- scribed fiscal indicators
with specification of underlying assump- tions. • Assessment of sustainability
relating to the balance between the revenue receipts and revenue expenditure.
the use of capital assets for generating productive
assets. the medium term fiscal objectives of the State Government.
the evaluation of performance of the prescribed fiscal indicators
in the previous year vis-à-vis the targets set out earlier and
the likely performance in the current financial year as per the revised
estimates.
the strategic priorities of the State Government in the fiscal area for the current
financial year in form of a Fiscal Policy Strategy. the
policies of the StateGovernment for the current financial year relating to expenditure,
borrowings and other liabilities, lending and investments and description of other
activities, such as guarantees and activities of Public Sector Undertakings which
have potential budgetary implications.
| 8.
Compliance | • Quarterly
review of The Trend in receipts And expenditure in relation to budget estimates. •
May Set Up An independent agencyTo Review The Compliance provisions of the Act. •
Whenever There Is A shortfall in Revenue Or excess of expenditureover targets,
appropriate | • Half
yearly review of the
Trend in receipts and expenditure in relation to
budget estimates. | •
Review of the trend in receipts and expenditure in relation to budget estimates. •
Whenever there is a shortfall in revenue or excess of expenditure over targets,
appropriate measures to be taken for increasing revenue and/or reducing expenditure. •
Supplementary estimates will be accompanied by statement of curtailment of expenditure
and/or augmentation of revenue. |
Item/State | Jammu
and Kashmir | Mizoram
| Jharkhand |
1 | 2
| 3 | 4
| | measures
to be taken for
increasing revenue and/or
reducing expenditure. •
A statement in both Houses of the Legislative Assembly for any measure proposed
in the course of the financial year, which may lead to an increase in revenue
deficit, which shall be accompanied by a statement of remedial measures, proposed
to neutralise such increase
or loss. | | •
No liability shall be created outside
the budget provision in a financial
year without the approval of
Government in Finance Department. •
In the case of natural calamity,
Government shall identify the net
fiscal
cost of the calamity and such
cost would provide ceiling for extent
of
non-compliance to the specified
limits. | 9.
Pension | • Estimated
yearly pension
liabilities worked out on
actuarial basis for the next
ten years. • If the above is not possible
for the first 3 years,
then
forecasts based on trend
growth rates may be made. | •
Estimated yearly Pension liabilities worked out on actuarial basis for the next
ten years. • If the above is not possible
for the first 3 years,
then
forecasts based on trend growth rates may be made. | •
Estimated yearly pension liabilities
worked out on realistic basis for the
next ten years. | 10.
Fiscal Transparency | •
Measures to ensure greater transparency in fiscal operations. • Disclosure
of significant changes in the accounting standards, policies and practices. •
Disclosure of details of
WMA/OD from RBI. • Whenever the State
undertakes to Repay principal and/or interest of any separate legal entity, it
has to reflect such liability as the borrowing of the State. | •
Measures To Ensure greater transparency in fiscal operations. • Disclosure
of significant
changes in the accounting
standards, policies and
practices. •
Disclosure of details of
WMA/OD from RBI. | •
Measures to ensure greater
transparency in fiscal operations. •
Disclosure of significant changes in
the accounting standards, policies
and practices. • The statement indicating the institution-wise State
Government guarantees given, default by these organisations in discharging debt
servicing liabilities and contingent liability created in the State Government
account on account of default of these organisations shall be placed in the Jharkhand
Legislative Assembly. • The State Government shall publish
full
information on the level of its
debt and financial assets. The
information
on debt shall disclose
maturity profile and interest rate. |
11.
Others | •
RD and GFD may exceed
the limits specified under
this Act due to ground/s
of
unforeseen demands on
the finances. | •
RD and GFD may exceed the limits specified under this Act due to ground/s of Unforeseen
demands on the finances. | •
RD and GFD may exceed the limits
specified under this Act due to
ground/s
of unforeseen demands
on the finances. |
Item/State | Jammu
and Kashmir | Mizoram | Jharkhand
| 1 | 2 | 3 | 4 |
| •
Pursue policies to raise non-tax revenue with due regard to cost recovery and
equity. • The State Government may, by notification in the official
Gazette, make rules for carrying out the provisions of this Act. •
If any difficulty arises in giving effect to the provisions of this Act, the State
Government may, by order published in the Official Gazette, make such provisions
not inconsistent with the provisions of this Act as may appear to be necessary
for removing the difficulty. • Reduce pre-devolution non-plan revenue
deficit by an amount equivalent to one percentage point as compared to the previous
financial year beginning from April 1, 2006 so as to bring it down by 20 per cent
of GSDP by March 31, 2010 and to maintain the level thereafter. | •
Pursue policies to raise
non-tax revenue with due
regard to cost recovery
and equity. • The State Government
may, by notification in the
official Gazette, make
rules for carrying out the
provisions of this Act. •
If any difficulty arises in
giving effect to the
provisions of this Act,
the
State Government may, by order published in the
Official Gazette,
make
such provisions not
inconsistent with the
provisions of this
Act as
may appear to be
necessary for removing
the difficulty. •
Bring out special statement along with the annual budget giving in detail, number
of employees in Government, public sector and aided institutions and related salary.
| • Pursue policies
to raise non-tax
revenue with due regard to
Cost recovery and equity.
• The State Government may, by
notification in the official Gazette,
make rules for carrying out the
provisions of this Act.
•
If any difficulty arises in giving
effect to the provisions of this Act,
the State Government may, by
order published in the Official
Gazette,
make such provisions not
inconsistent with the provisions of
this Act
as may appear to be necessary for removing the difficulty.
• Generate
a primary surplus of over
3 per cent of GSDP by 2008.
• The
ratio of salaries to State’s own
revenue to be reduced to 80 per
cent by 2008.
• The ratio of non-interest committed
revenue
expenditure to State’s own
and mandated revenue to be
reduced to
55 per cent by 2008. | Note
:
1. Summary of Fiscal Responsibility Legislations (FRLs) for 16
States (viz., Karnataka, Kerala, Tamil Nadu, Punjab, Uttar Pradesh, Orissa,
Maharashtra, Rajasthan, Assam, Gujarat, Himachal Pradesh, Haryana, Chhattisgarh,
Madhya Pradesh, Tripura and Andhra Pradesh) were published in Annex 2 (Pages 79-88)
of the ‘State Finances – A Study of Budgets of 2005-06’ and
summary of FRLs for 7 States (viz., Manipur, Nagaland, Uttarakhand, Arunachal
Pradesh, Meghalaya, Bihar and Goa) were published in Annex 2 of the ‘State
Finances – A Study of Budgets of 2006-07’.
2. Some of the
States have amended their FRLs subsequently. This Annex is, however, based on
the latest information
available and may not reflect the amendments. |
|
