Q1. Match List-I with List-II and select the correct answer using the codes given below the lists:
| List-I (Term) | List-II (Explanation) |
|---|---|
| A. Fiscal deficit | 1. Excess of Total Expenditure over Total Receipts |
| B. Budget deficit | 2. Excess of Revenue Expenditure over revenue receipts |
| C. Revenue deficit | 3. Excess of Total Expenditure over Total Receipts less borrowings |
| D. Primary deficit | 4. Excess of Total Expenditure over Total Receipts less Payments borrowings and Interest |
Explanation
A is correctly matched with 3: The fiscal deficit is the excess of total expenditure over total receipts, excluding borrowings. It measures the overall borrowing requirement of the government. B is correctly matched with 1: The budget deficit is the difference between total expenditure and total receipts, including borrowings. It is no longer used as a measure in India’s budgets. C is correctly matched with 4: The revenue deficit is the excess of revenue expenditure over revenue receipts, indicating a shortfall in current income. D is correctly matched with 2: The primary deficit is the fiscal deficit minus interest payments, reflecting the government’s borrowing requirement, excluding interest obligations.