Section 9(2) in The Jammu and Kashmir Fiscal Responsibility and Budget Management Act, 2006
(2)In particular, and without prejudice to the generality of the foregoing provisions, the Government shall -(a)[ ensure that the revenue surplus of the State is maintained throughout the award period of the 14th Finance Commission ;] [Substituted by Act No.3 of 2018, dated 13.2.2018.](b)reduce pre-devolution non-plan revenue deficit by an amount of equivalent to one percentage point as compared to the previous financial year beginning from 1st April, 2006 so as to bring it down by 20% of GSDP by 31st March, 2010 and to maintain the level thereafter;(c)[ maintain fiscal deficit to an annual limit of 3% of GSDP during the award period for the 14th Finance Commission (2015-2020) ;] [Substituted by Act No.3 of 2018, dated 13.2.2018.](d)[ reduce outstanding debt as a percentage of GSDP to 56.1 per cent, 55.1 per cent, 53.6 per cent and 51.6 per cent for the years 2010-11, 2011-12, 2012-13 and 2013-14 respectively to reach the target of 49.3 per cent in the year 2014-15;] [Substituted by Act No. XVIII of 2011, dated 18th October, 2011.](e)limit the amount of annual incremental risk weighted guarantees to 75 percent of the TRR in the year preceding the current year or at 7.5 percent of GSDP of the year preceding the current year, whichever is lower.:(f)[ provide for flexible limit of 0.25% over and above the 3% of GSDP for any given fiscal year to which its fiscal deficit is to be fixed if its debt-GSDP ratio is less than or equal to 25% of the preceding year. [Added by Act No.3 of 2018, dated 13.2.2018.](g)provide for additional 0.25% of GSDP in a given year for which the borrowing limits will be fixed if the interest payments are less than or equal to 10% of the revenue receipt in the preceding year.(h)maintain a ceiling on the sanction of new capital works to three times of the annual budget provision.]Provided that revenue deficit and fiscal deficit may exceed the limits specified under this section due to ground or grounds of unforeseen demands on the finances of the Government arising out of internal disturbance or natural calamity or such other exceptional grounds as the Government may specify:Provided however that a statement in respect of the ground or grounds specified in the first proviso shall be placed before each House of the State Legislature, as soon as may be, after such deficit amount exceeds the aforesaid targets.
