Section 5 in Rajasthan Fiscal Responsibilities and Budget Management Act, 2005
5. Fiscal Policy Statement to be laid before the Legislature.
(1)The State Government shall m each financial year lay before House of the State Legislature the following statements of fiscal policy along with the annual budget, namely:-(a)Medium Term Fiscal Policy Statement; and(b)Fiscal Policy Strategy Statement.(2)The Medium Term Fiscal Policy Statement shall set forth the fiscal objectives and strategic priorities of the State Government with clear enunciation of underlying assumptions.(3)In Particular and without prejudice to the provisions contained in sub-section (2), the Medium Term Policy Statement shall include an assessment of sustainability relating to-(a)the balance between revenue receipts and revenue expenditures;(b)the use of capital receipts including borrowings for generating productive assets;(c)the estimated yearly pension liabilities worked out on actuarial basis for the next ten years:Provided that for a period of five financial years from the commencement of this Act pension liabilities may instead of working out on actuarial basis, be estimated by making forecasts on the basis of trend growth rates.(4)Fiscal Policy Strategy Statement shall, inter alia, contain-(a)the fiscal policies of the State Government for the ensuing financial year relating to revenue receipts, expenditure, borrowing and other liabilities including guarantees, lending and investments, user charges on public goods/utilities and description of other activities, such as guarantees and activities of public sector undertakings which have potential budgetary implications;(b)the strategic priorities of the State Government in the fiscal area for the ensuing financial year;(c)key fiscal measures and the rational for any major deviation in fiscal measures pertaining to revenue receipts, subsidy, expenditure, administered pricing borrowings, and other liabilities including guarantees;(d)evaluation of the current policies of the State Government vis-a-vis the fiscal management principles set out in section 4 and the fiscal objectives set out in the Medium Term Fiscal Plan.
