State Act
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Section 3. Fiscal Management Objectives.
THE JAMMU AND KASHMIR FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2006
In forceJammu and Kashmir (State Act)
3. Fiscal Management Objectives. The Government shall–– (a) take appropriate measures to strengthen the revenue surplus and thereafter build up adequate revenue surplus at a sustainable level, and utilize such surplus for discharging the liabilities in excess of the assets or for funding capital expenditure ; (b) pursue policies to raise non-tax revenue with due regard to cost recovery and equity ; (c) lay down norms for prioritization of capital expenditure ; and (d) expenditure policies that would provide impetus for economic growth, poverty reduction and improvement in human welfare/standard of life.