Section 3 in The Jharkhand Fiscal Responsibility and Budget Management Act, 2007
3. Medium Term Fiscal Plan to be laid before the Legislative Assembly.
(1)The State Government shall lay in each financial year before Legislative Assembly a Medium Term Fiscal Plan alongwith the Annual Budget.(2)The Medium Term Fiscal Plan shall set forth a three-year rolling target for prescribed 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 Plan shall include an assessment of sustainability relating to :-(i)the balance between revenue receipts and revenue expenditures;(ii)the use of capital receipts including market borrowings for generating productive assets;(iii)the medium term fiscal objectives of the State Government;(iv)the evaluation of performance of the prescribed fiscal indicators in the previous year vis-a-vis the targets set out earlier and the likely performance in the current financial year as per the revised estimates;(v)the strategic priorities of the State Government in the Fiscal area for the current financial year in form of a Fiscal Policy Strategy; and(vi)the policies of the State Government 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.(4)The Medium Term Fiscal Plan shall be in such a form as may be prescribed.
