Section 3 in The Maharashtra Fiscal Responsibility and Budgetary Management Rules, 2006
3. Annual targets.
- In order to eliminate the revenue deficit and reduce the fiscal deficit to 3% of the GSDP by the 31st day of March, 2009, the State Government specifies the following targets for reduction of the revenue and fiscal deficits as required by sub-sections (1) and (2) respectively, of section 5(a)The State Government shall reduce the revenue deficit by 1.0 per cent, or more of the GSDP in the first year, 1.5 per cent, or more in the first two years, 2 per cent, or more in the first three years, beginning from the financial year 2005-2006, and the entire deficit by 2008-09. The State shall maintain a revenue surplus thereafter.(b)The State Government shall reduce the fiscal deficit by an amount equivalent to 0.3 per cent, or more of the GSDP at the end of each financial year beginning with the financial year 2005-2006 until the fiscal deficit is brought down to not more than 3% of the GSDP. The fiscal deficit in 2008-09 and thereafter shall not exceed 3% of GSDP.
