Section 1 of Tamil Nadu Fiscal Responsibility Act, 2003

111 .4ct to pr.ol*ir/e tlirrr it shrrll he rhc. rrspori~ihrlrt~ of the Strrtr Gor~ernmerit to eri.sirre fitctrl .vttrhili[~ trrrri sri.srctirrtrhilitj~, crriti to c~~ilicirrcc rAe scopcJ fol. intprordng ~ocicrl trritl pli~~sicrtl irifrastrirctirrt~ ant1 hurrrtl.11 r1~1,eloprrient 1)~ crchievit~g slcfficienr r.r\'cntre slrrplus, reductng fiscril cle/icit ~rid rerr1oving i~rlpc~tlirtient~ ro ,the qffectise cortducr of .fisccrl policy and prudent debt mrr~ia~enient' tlirorrgh liniits on Strrte GO\*C~IIII~CI~~'.Y horronting.~, dchts trrid deficits, gretrter trrrnsptrrency in .fiscal fi'trrttc*tl'ork"(tnh' fbrl ~~t(~tters COIII~CCIY~ ~her~'l~-itli orttcid~~tt~il tli~rcvo. BE it enacted by the Legislative Assembly of the State of Tamil Nadu in the Fifty-fo~irth Yeai- of the Republic of India as follows:- II. (1) This Act may be called the Tamil Nadu Fiscal Responsibility Act, 2003. Short title and commcncement. (2) It shall come into force on such date as the State Government may, by nottf~catton, appolnt. 2. In this Act, unless the context otherwise requires,:- Def~n~t~ons 1 (a) "Budget" means the Annual Financial Statement laid before the Legislative Assembly under Article 202 of the Constitution; I (O) "Current Year" means the ftnal?cial year preced~ng the ens~~inlj year; (c) "Ensuing Year" means the financial year for \vhich the budget is being presented; (d) "Financial Year" means the year beginning on the 1st April and ending on the 3 1st March next following; (c) "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 Consolidated Fund e:tcluding the debt receipts during a financial year; or (f) "Fiscal Indicators" means the measures sucli as nunle ~cal cellings and proportions to Gross State Domestic Product, as may be prescribed, fo ekaluation oftlle fiscal position of the State Governn~ent; (ii) total expenditure from the ~onsolidated~und ofthe State (including loans and- advances but excluding debt repayment) over own tax and non-tax, revenue receipt?, devolution and other grants from Government of India to thc Statc. anil non-debt capital (g) "Previous Year" means the financial year precedtug the current year; receipts during a financial year which rcprcsctlts tllc borto\v~t~g repayment of debt of the State Government during the financial year; (11) "Total Liabilities" means the liabil~ties under the ('onsol~dated Fund of the State and the Public Account of the State