Section 2 in The Fiscal Responsibility And Budget Management Act, 2003
2. Definitions.—
In this Act, unless the context otherwise requires,—(a)“fiscal deficit” means the excess of total disbursements, from the Consolidated Fund of India, excluding repayment of debt, over total receipts into the Fund (excluding the debt receipts), during a financial year;(aa)“effective revenue deficit” means the difference between the revenue deficit and grants for creation of capital assets;(b)“fiscal indicators” means the measures such as numerical ceilings and proportions to gross domestic product, as may be prescribed, for evaluation of the fiscal position of the Central Government;(bb)“grants for creation of capital assets” means the grants in aid given by the Central Government to the State Governments, constitutional authorities or bodies, autonomous bodies, local bodies and other scheme implementing agencies for creation of capital assets which are owned by the said entities;(c)“prescribed” means prescribed by rules made under this Act;(d)“Reserve Bank” means the Reserve Bank of India constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (e) “revenue deficit” means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets of that Government;(f)“total liabilities” means the liabilities under the Consolidated Fund of India and the public account of India.
