State Act

The Himachal Pradesh Fiscal Responsibility and Budget Management Act, 2005

3. Medium term fiscal plan to be laid before the Legislature.- (1) The medium term fiscal plan shall include an assessment of sustainability relating to,- (a) the balance between revenue receipts and revenue expenditures; (b) use of capital receipts including borrowings for generating productive assets; (c) an evaluation of the performance of the prescribed fiscal indicators in the previous year vis-à-vis the targets set out earlier, and the likely performance in the current year as per revised estimates; (d) a statement on the recent economic trends and future prospects for growth and development affecting fiscal position of the State Government; and (e) the strategic priorities of the State Government in the fiscal area for the ensuing financial year. (2) The medium term fiscal plan shall set forth a four year rolling target for the fiscal indicators prescribed, with specification of underlying assumptions. (3) The State Government shall in each financial year lay before the State Legislative Assembly a medium term fiscal plan alongwith the annual budget. (4) The medium term fiscal plan shall be in such form as may be prescribed.