Section 3(4) in Punjab Fiscal Responsibility and Budget Management Act, 2003
(4)The Medium Term Fiscal Policy Statement shall, inter alia contain, -(i)policies of the State Government for the ensuing financial year relating to taxation, expenditure, market borrowings and other liabilities (including off-budget borrowings), lending and investments, pricing of administered goods and services, securities and description of other activities, such as, guarantees and activities of Public Sector Undertakings which have potential budgetary implications;(ii)the strategic priorities of the State Government for the ensuing financial year in the fiscal area; and(iii)the key fiscal measures and rationale for any major deviation in fiscal measures pertaining to taxation, subsidy, expenditure, administered pricing and borrowings.
