208. Amendment of section 2.
In section 2 of the principal Act,––
(i) for clause (aa), the following clause shall be substituted, namely:––
‘(aa) “Central Government debt” at any date means––
(i) the total outstanding liabilities of the Central Government on the security of the Consolidated Fund of India, including external debt valued at current exchange rates;
(ii) the total outstanding liabilities in the public account of India; and
(iii) such financial liabilities of any body corporate or other entity owned or controlled by the Central Government, which the Government is to repay or service from the annual financial statement, reduced by the cash balance available at the end of that date;’;
(ii) for clause (bb), the following clauses shall be substituted, namely:––
‘(bb) “general Government debt” means the sum total of the debt of the Central Government and the State Governments, excluding inter-Governmental liabilities;
(bc) “gross domestic product” means the sum of the gross value added by all resident production units plus that part of taxes, less subsidies, on products, which is not included in the valuation of output, during a financial year, reckoned at current market prices, as published by the Central Statistics Office from time to time;
(iii) after clause (c), the following clauses shall be inserted, namely:-
‘(ca) ‘‘real gross domestic product’’ means gross domestic product, reckoned at constant prices, as published by the Central Statistic Office from time to time;
(cb) ‘‘real output growth’’ means growth in real gross domestic product;’’;
(iv) clauses (e) and (f) shall be omitted.
Notes on Clauses:
Clause 208 of the Bill seeks to amend section 2 of the Act relating to definitions. It provides for substitution of definition of “effective revenue deficit”, “grant for creation of capital assets”, “revenue deficit” and “total liabilities” with the definitions of “Central Government debt”, “general Government debt”, “gross domestic product” and “real gross domestic product” and “real output growth”.
