Section 2 in The Orissa Fiscal Responsibility and Budget Management Act, 2005
2. Definitions.
- In this Act, unless the context otherwise requires,-(a)"Budget" means the annual financial statement laid before the State Legislature under Article 202 of the Constitution;(b)"current year" means the financial year for which Budget and Medium Term Fiscal Plan (MTFP) is being presented;(c)"financial year" means the year beginning from 1st day of April and ending on the 31st day of March following;(d)"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 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;(e)"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;(f)"non-interest Committed Revenue Expenditure" means the sum total of salary expenditure and pension expenditure of the State in the revenue account of the Consolidated Fund of the State;(g)"off Budget Borrowings" means borrowings by the State Government or its Agencies which are not reflected in the Budget;(h)"prescribed" means prescribed by rules made under this Act;(i)"previous year" means the year preceding the current year;(j)"primary deficit/surplus" means the non-interest Fiscal Deficit/Surplus;(k)"Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934;(l)"revenue deficit" means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the State Government without corresponding increase in assets of the State Government; and(m)"total liabilities" means the liabilities under the Consolidated Fund and the Public Accounts of the State of Orissa.
