Explanation:
The budget deficit is a measure of the financial shortfall that occurs when a government's total expenditure exceeds its total receipts or revenue. It is an indication of the imbalance between the government's spending and its income.

Understanding Budget Deficit:
To understand the concept of the budget deficit, it is important to understand the terms used in the question:

- Total Expenditure: This refers to the total amount of money spent by the government on various programs, services, and obligations. It includes expenses such as salaries, infrastructure development, healthcare, defense, social welfare, etc.

- Total Receipts: This refers to the total amount of money received by the government through various sources, primarily taxes, but also including other forms of revenue such as fees, fines, grants, etc.

Calculation of Budget Deficit:
The budget deficit is calculated by subtracting the total receipts from the total expenditure. Mathematically, it can be represented as:

Budget Deficit = Total Expenditure - Total Receipts

Implications of Budget Deficit:
A budget deficit indicates that the government is spending more money than it is receiving, which leads to an increase in its overall debt. This can have several implications:

1. Borrowing: To cover the deficit, the government may need to borrow money by issuing bonds or taking loans. This can increase the national debt and lead to future interest payments.

2. Economic Stimulus: In some cases, a budget deficit may be intentional, as the government may use deficit spending as a tool to stimulate the economy. By increasing expenditure, the government can boost demand and promote economic growth.

3. Inflationary Pressure: If the budget deficit is financed by printing more money, it can lead to an increase in the money supply and potentially inflation. This can erode the purchasing power of the currency and negatively impact the economy.

4. Fiscal Discipline: A persistent budget deficit can be a sign of poor fiscal discipline and unsustainable financial practices. It is important for the government to manage its finances effectively and ensure that spending is aligned with revenue generation.

Conclusion:
In conclusion, the statement "Budget deficit is equal to total expenditure minus total receipts" is true. The budget deficit is a measure of the financial shortfall that occurs when the government's total expenditure exceeds its total receipts. It indicates an imbalance between spending and revenue, which can have various implications for the economy and the government's fiscal health.