Fiscal deficit is equal to the borrowing requirement of the government.

Fiscal Deficit:
- The fiscal deficit refers to the difference between the government's total expenditure and its total revenue (excluding borrowing) during a particular fiscal year.
- It represents the amount of money the government needs to borrow in order to meet its expenditure requirements.
- It is an indicator of the financial health of the government and reflects the extent to which the government is spending more than it is earning.

Borrowing Requirement:
- The borrowing requirement of the government is the amount of money it needs to borrow in order to finance its fiscal deficit.
- This borrowing can be done from various sources such as issuing government bonds, loans from domestic or foreign institutions, etc.

Relationship between Fiscal Deficit and Borrowing Requirement:
- The fiscal deficit and the borrowing requirement are closely related because the fiscal deficit represents the gap between the government's expenditure and revenue, which needs to be funded through borrowing.
- In other words, the fiscal deficit is the borrowing requirement of the government.

Alternate Statements Analysis:
a) Budget deficit is equal to fiscal deficit if interest payments are zero.
- This statement is incorrect because the budget deficit refers to the difference between the government's total expenditure and its total revenue (including interest payments), whereas the fiscal deficit excludes interest payments.

b) Zero primary deficit represents fiscal discipline.
- This statement is incorrect because a primary deficit refers to the fiscal deficit excluding interest payments. Therefore, a zero primary deficit does not necessarily indicate fiscal discipline as it may still include interest payments.

c) Fiscal deficit is equal to the borrowing requirement of the government.
- This statement is correct as explained above. The fiscal deficit represents the amount of money the government needs to borrow in order to meet its expenditure requirements, making it equal to the borrowing requirement.

d) Revenue deficit is not necessarily inflationary.
- This statement is incorrect because a revenue deficit occurs when the government's revenue falls short of its current expenditure, excluding capital expenditure. A revenue deficit can result in increased borrowing by the government, leading to inflationary pressures in the economy.