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3 THE JHARKHAND FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT (AMENDMENT) ACT,2021 (Jharkhand Act, 11, 2021)
An Act to amend the Jharkhand Fiscal Responsibility and Budget Management Act, 2007 (Act 07, 2007) in pursuance of the Government of India's policy on State's Fiscal Consolidation for the financial years of 2021-22 to 2025-26
Be it enacted by the Legislature of the State of Jharkhand in the Seventy Second year of the Republic of India as follows :-
1. Short title, extent and commencement:-
(i) This Act would be called the Jharkhand Fiscal Responsibility and Budget Management (Amendment) Act, 2021.
(ii) It shall extend to the whole of the State of Jharkhand. (iii) It shall come into force from the date of the notification in the official Gazette.
2. Amendment in Section 5(1)(b) of the Jharkhand Fiscal Responsibility and Budget Management Act, 2007.
(i) Section 5(1)(b) of the Act shall be substituted as follows :-
"Reduce fiscal deficit to 4% (Four Percent) for the fiscal year 2021-22, 3.50% (Three and a half Percent) for fiscal year 2022-23 and 3% (Three Percent) for the fiscal years 2023-24, 2024-25 and 2025-26 of the estimated Gross State Domestic Product." Reduce fiscal deficit by an additional 0.50(Half Percent) Percent of the estimated Gross State Domestic Product for the Financial year 2021-22 to 2024-25 with the condition of performance in Power Sector.
The borrowing under option 1 of GST compensation and the borrowing under Scheme for Special Assistance to States for Capital Expenditure will be beyond the purview of the above stipulations for the Financial Year, 2021-22.
,