Section 4 in The Bihar Fiscal Responsibility and Budget Management Act, 2006
4. Fiscal Management Principles.
- The State Government shall be guided by the following fiscal management principles, namely:-(a)transparency. - There should be transparency in setting the fiscal policy objectives, the implementation of public policy and the publication of fiscal information so as to enable the public to scrutinise the conduct of fiscal policy and the state of public finances;(b)stability and predictability. - The fiscal policy making process and the way fiscal policy impacts the economy should be stable and should be such that its trend in the future may be predicted;(c)responsibility and integrity. - There should be responsibility in the management of public finances, including integrity in budget formulation;(d)fairness. - There should be fairness to ensure that policy decisions of the State Government have due regard to their financial implications on future generations; and(e)efficiency. - There should be efficiency in the design and implementation of the fiscal policy and in managing the assets and liabilities of the public sector.
