Explanation:

• Annual Financial Statement (AFS) , the document as provided under Article 112, showsestimated receipts and expenditure of the Government of India for next financial year (say,2017-18) in relation to estimates for the previous financial year (ie 2016-17) as also expenditurefor the year before last financial year (ie. 2015-16)
• The Macroeconomic Framework Statement presented to Parliament under Section 3(5) ofthe Fiscal Responsibility and Budget Management Act, 2003 and the rules made thereundercontains an assessment of the growth prospects of the economy with specific underlyingassumptions. It contains assessment regarding the GDP growth rate, fiscal balance of theCentral Government and the external sector balance of the economy.
• The Medium-term Fiscal Policy Statement presented to Parliament under Section 3(2) of theFiscal Responsibility and Budget Management Act, 2003, sets out three-year rolling targets forfour specific fiscal indicators in relation to GDP at market prices namely (i) Revenue Deficit, (ii)Fiscal Deficit, (iii) Tax to GDP ratio and (iv) Total outstanding Debt at the end of the year.
• The Fiscal Policy Strategy Statement, presented to Parliament under Section 3(4) of theFiscal Responsibility and Budget Management Act, 2003, outlines the strategic priorities ofGovernment in the fiscal area for the ensuing financial year relating to taxation, expenditure,lending, and investments, administered pricing, borrowings and guarantees.