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State of Maharashtra - Section

Section 9 in The Maharashtra Fiscal Responsibility and Budgetary Management Rules, 2006

9. Measures to Enforce Compliance.

- In case the outcome of the quarterly review of trends in receipts and expenditure made under sub-section (1) of section 6, at the end of second quarter of any financial year beginning with the financial year 2006-07 shows that :
(a)the total non-debt receipts are less than 40 per cent, of Budget Estimates for that year, or
(b)the fiscal deficit is higher than 45 per cent, of the Budget Estimates for that year, or
(c)the revenue deficit is higher than 45 per cent, of the Budget Estimates for that year, then :-
(i)as required by sub-section (2) of section 6, the State Government shall take appropriate corrective measures; and
(ii)as required by sub-section (3) of section 6, the Minister in charge of the Ministry of Finance shall make a statement in both Houses of State Legislature during the session immediately following the end of the second quarter detailing the corrective measures taken, the manner in which any supplementary demands for grants are proposed to be financed and the prospects for the fiscal deficit of that financial year.
[Form A-1] [Form A-1 to B-8 were substituted by G. N. dated 29.2.2008.][See rule 6]Medium Term Fiscal Policy StatementA. Fiscal Indicators. - Rolling Targets :
  Item Previous Year Actuals Current Current Year Budget Estimates (BE) Ensuing Year Revised Estimates (RE) Targets Year Budget Estimates (BE) For Next 2 Years  
  (1) (2) (3) (4) (5) (6) (7) (8)
    Y-3 Y-2 Y-1 Y-1 Y Y+1 Y+2
1. Revenue Deficit as percentage of GSDP.              
2. Fiscal Deficit as percentage of GSDP.              
3. Tax Revenue as percentage of GSDP.              
4. Total Debt Stock as percentage of GSDP.              
5. Total Contingent Liabilities as percentage of GSDP.              
6. Total Contingent Liabilities as percentage of RevenueReceipts              
7. Interest Payment as percentage of Revenue Receipts.              
B. Assumptions underlying the Fiscal Indicators. - Sectoral and GSDP growth rates, -