State Act

ODISHA FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2005

2. Definitions – In this Act, unless the context otherwise requires,- (a) “Budget” means the annual financial statement laid before the State Legislature under article 202 of the Constitution; (b) “Current year” means the financial year for which Budget and Medium Term Fiscal Plan (MTFP) is being presented; 1[(b-1) “Finance Commission” means the Commission constituted under Article 280 of the Constitution of India;] (c) “financial year” means the year beginning from 1st day of April and ending on 31st day of March following; (d) “fiscal deficit” means the excess of --- (i) total disbursements from the Consolidated Fund of the State(excluding repayment of debt) over total receipts into the Fund excluding the debt receipts during a financial year; or (ii) total expenditure from Consolidated Fund of the State (including loans but excluding repayment of debt) over own tax and non-tax revenue receipts, devolution and other grants from Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt, of the State Government during the financial year; (e) “fiscal indicators” means the measures such as numerical ceilings and proportions to gross state domestic product, as may be prescribed, for evaluation of the fiscal position of the State Government; (f) “non-interest Committed Revenue Expenditure” means the sum total of salary expenditure and pension expenditure of the State in the revenue account of the Consolidated Fund of the State; (g) “off Budget Borrowings” means borrowings by the State Government or its Agencies which are not reflected in the Budget; (h)“prescribed” means prescribed by rules made under this Act; (i) “previous year” means the year preceding the current year; (j) “primary deficit/surplus” means the non-interest Fiscal Deficit/Surplus; (k) “Reserve Bank” means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934; (l) “revenue deficit” means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the State Government without corresponding increase in assets of the State Government; and (m) “total liabilities” means the liabilities under the Consolidated Fund and the Public Accounts of the State of Orissa.