Section 3 in The Jammu and Kashmir Fiscal Responsibility and Budget Management Act, 2006
3. Fiscal Management Objectives.
- The Government shall-(a)take appropriate measures to strengthen the revenue surplus and thereafter build up adequate revenue surplus at a sustainable level, and utilize such surplus for discharging the liabilities in excess of the assets or for funding capital expenditure;(b)pursue policies to raise non-tax revenue with due regard to cost recovery and equity;(c)lay down norms for prioritization of capital expenditure; and(d)expenditure policies that would provide impetus for economic growth, poverty reduction and improvement in human welfare/standard of life.
