Discussion
Select the year in which the gross fiscal deficit, revenue deficit and primary deficit of the Central Government as percent of GDP were the highest ?
Answer: A
The gross fiscal deficit, revenue deficit and primary deficit of the Central Government as a percentage of GDP were all highest in 2008-09 among the years offered. In that year the government gave stimulus packages after the global financial crisis, cut taxes and raised expenditure on subsidies and loan waivers, while revenue fell, so all three deficit measures jumped. The years 2005-06, 2006-07 and 2007-08 were years of fiscal consolidation under the FRBM Act, with falling deficits. The keyed answer is 2008-09, option A.
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