State Act

The Goa Fiscal Responsibility and Budget Management Act, 2006

4. Fiscal Management Principles.— (1) The Government shall take appropriate measures to eliminate the revenue deficit and contain fiscal deficit and outstanding debt to sustainable levels. (2) The Government shall be guided by the following fiscal management principles, namely: — (a) maintain State Government debt at prudent and sustainable level; (b) manage guarantees and other contingent liabilities prudently, with particular reference to quality and level of such liabilities; (c) ensure that borrowings are used for productive purposes and accumulation of capital assets, and are not applied to finance current expenditure; (d) manage expenditure consistent with the level of revenue generated.