(1) The State Government shall take appropriate measures to reduce the revenue deficit by the 31st March 2009 and thereafter maintain revenue surplus balance at the end of each year.
(2) The State Government shall by rules specify the targets for reduction of fiscal deficit. For this purpose the fiscal deficit target shall be interpreted in the form of a ratio of expenditure on interest to revenue receipts :
Provided that, the revenue deficit and fiscal deficit may exceed such targets due to ground or grounds of natural calamity or such other exceptional grounds as the State Government may specify :
Provided further that, a statement in respect of the ground or grounds specified in the first proviso shall be placed before both Houses of the State Legislature, as soon as may be possible, after such deficit amount exceeds the aforesaid targets.
(2) The State Government shall by rules specify the targets for reduction of fiscal deficit. For this purpose the fiscal deficit target shall be interpreted in the form of a ratio of expenditure on interest to revenue receipts :
Provided that, the revenue deficit and fiscal deficit may exceed such targets due to ground or grounds of natural calamity or such other exceptional grounds as the State Government may specify :
Provided further that, a statement in respect of the ground or grounds specified in the first proviso shall be placed before both Houses of the State Legislature, as soon as may be possible, after such deficit amount exceeds the aforesaid targets.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Fiscal Policy Statement to be laid before State Legislature.Section 4 · Disclosures.Section 6 · Measures to enforce compliance.Section 7 · Power to make rules.Section 8 · Rules to be laid before each House of State Legislature.Section 9 · Protection of action taken in good faith.India Code, Government of India. Text fetched 19 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.