Section 4(3) in The Gujarat Fiscal Responsibility Act, 2005
(3)The State Government shall be guided by the following fiscal management principles, namely:-(i)transparency in setting the fiscal policy objectives, the implementation of public policy and in the publication of public accounts;(ii)stability in fiscal policy making process;(iii)responsibility in the management of public finances;(iv)fairness in policy decisions of the State Government having due regard to the financial implications on future generation;(v)efficiency in design and implementation of the fiscal policy and managing the public sector;(vi)to maintain Government debt at prudent level;(vii)to manage guarantees and other contingent liabilities prudently, with particular reference to the quality and level of such liabilities;(viii)to maintain the integrity of the tax system by minimizing special incentives, concessions and exemptions;(ix)to pursue non-tax revenue policies with due regard to cost recovery and equity;(x)to pursue expenditure policies that would provide impetus to economic growth, poverty reduction and promotion of welfare of the people;(xi)to ensure that State Government uses resources in such a way that give best value for money and also ensure that public assets are put to the best possible use;(xii)to minimize fiscal risks associated with running of public sector undertakings and utilizes it for providing public goods and services;(xiii)to formulate budget to realistic and objective manner with due regard to the general economic outlook and revenue prospects and to minimize deviations during the course of the year.
