Public finance: What does “fiscal deficit” in India's Union Budget measure? Choose the correct definition in terms of government expenditure and receipts.

Difficulty: Easy

• Total expenditure minus total receipts including borrowings
• Revenue expenditure minus revenue receipts (tax + non-tax) only
• Total expenditure minus (revenue receipts + non-debt capital receipts), i.e., the net borrowing requirement
• Primary expenditure minus interest payments