Discussion
In India's Union Budget, Fiscal deficit means
Answer: D
The answer is The difference between total revenue and total expenditure of the government.
Fiscal deficit measures how far the government's total expenditure exceeds its total receipts other than borrowings. It therefore equals the government's total borrowing requirement for the year:
\[ \begin{aligned} \text{FD} &= \text{Total expenditure} \\ &\quad - (\text{Revenue receipts} + \text{non-debt capital receipts}) \end{aligned} \]
The option states this loosely, treating all non-borrowed receipts as 'total revenue'. The other options describe different measures: borrowing from the RBI is monetised deficit, current expenditure minus current revenue is closer to the revenue deficit, and the sum of monetised and budgetary deficit is not a defined measure.
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