Section 4. Item (i) omitted by Act 13 of 2018, s. 212 (w.e.f. 31-3-2018)

4. Item (i) omitted by Act 13 of 2018, s. 212 (w.e.f. 31-3-2018). 5. The words "revenue balance and" omitted by s. 212, ibid . (w.e.f. 31-3-2018). 1[(6A) (a) The Medium-term Expenditure Framework Statement shall set forth a three-year rolling target for prescribed expenditure indicators with specification of underlying assumptions and risk involved. (b) In particular and without prejudice to the provisions contained in clause (a), the Medium-term Expenditure Framework Statement shall, inter alia , contain— (i) the expenditure commitment of major policy changes involving new service, new instruments of service, new schemes and programmes; (ii) the explicit contingent liabilities, which are in the form of stipulated annuity payments over a multi-year time-frame; 2* * * * * (7) The Medium-term Fiscal Policy Statement,[3] [the Fiscal Policy Strategy Statement, the Mediumterm Expenditure Framework Statement] and the Macro-economic Framework Statement referred to in sub-section (1) shall be in such form as may be prescribed. 4[ 4. Fiscal management principles .—(1) The Central Government shall,— (a) take appropriate measures to limit the fiscal deficit upto three per cent. of gross domestic product by the 31st March, 2021; (b) endeavour to ensure that— (i) the general Government debt does not exceed sixty per cent.; (ii) the Central Government debt does not exceed forty per cent., of gross domestic product by the end of financial year 2024-2025; (c) not give additional guarantees with respect to any loan on security of the Consolidated Fund of India in excess of one-half per cent. of gross domestic product, in any financial year; (d) endeavour to ensure that the fiscal targets specified in clauses (a) and (b) are not exceeded after stipulated target dates. (2) The Central Government shall prescribe the annual targets for reduction of fiscal deficit for the period beginning from the date of commencement of Part XV of Chapter VIII of the Finance Act, 2018 (13 of 2018), and ending on the 31st March, 2021: Provided that exceeding annual fiscal deficit target due to ground or grounds of national security, act of war, national calamity, collapse of agriculture severely affecting farm output and incomes, structural reforms in the economy with unanticipated fiscal implications, decline in real output growth of a quarter by at least three per cent. points below its average of the previous four quarters, may be allowed for the purposes of this section. (3) Any deviation from fiscal deficit target under sub-section (2) shall not exceed one-half per cent. of the gross domestic product in a year. (4) The Central Government shall, in case of increase in real output growth of a quarter by at least three per cent. points above its average of the previous four quarters, reduce the fiscal deficit by at least one-quarter per cent. of the gross domestic product in a year. 1. Ins. by Act 23 of 2012, s. 147 (w. e. f. 28-5-2012).