Section 2 in The Karnataka Fiscal Responsibility Act, 2002
2. Definitions.
- In this Act, unless the context otherwise requires-(a)"Annual Budget" means the annual financial statement laid before both Houses of the State Legislature under article 202 of the Constitution;(b)"Current Year" means the year preceding the year for which budget and Medium Term Fiscal Plan (MTFP) are being presented.(c)"Fiscal Deficit" means the excess of -(i)total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Fund excluding the debt receipts during a financial year; or(ii)total expenditure from the Consolidated Fund of the State (including loans but excluding repayment of debt) over own tax and non-tax revenue receipts, devolution and other grants from Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt, of the State Government during the financial year;Explanation: - For the purpose of calculation of fiscal deficit, borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liability for repayment is on the State Government are to be treated as borrowings of the Government.(d)"Fiscal Indicators" means the measures such as numerical ceilings and proportions to gross state domestic product, as may be prescribed, for evaluation of the fiscal position of the State Government;(e)"Previous Year" means the year proceeding the current year.(f)"Revenue Deficit" I means the difference between revenue expenditure and revenue receipts.Explanation: - For the purpose, of this clause interest payment by Government towards borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liability for repayment is on Government, shall be treated as revenue expenditure.(g)"Total Liabilities" means the liabilities under the Consolidated Fund of the State and the public account of the State.
