Which of the following deficits represents the total borrowing requirement of the Government of India ?
Fiscal Deficit
Fiscal deficit is the difference between the total expenditure of the government and its total receipts excluding borrowings.
Fiscal Deficit = Total Expenditure - (Revenue Receipts + Non-debt Capital Receipts). This gap has to be met entirely by borrowing, so it shows the total borrowing requirement of the government.
Revenue deficit covers only the revenue account, effective revenue deficit further removes grants for capital assets, and primary deficit removes interest payments, so none of them measures total borrowing.
Hence, Fiscal Deficit.
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