Fiscal deficit is the most accurate indicator of the fiscal condition of an economy for the current year. This is because it takes into account all the government's income and expenses, providing a comprehensive view of the overall fiscal health.

Explanation:

1. Fiscal Deficit:
- Fiscal deficit is the difference between the government's total expenditure and its total revenue in a given fiscal year.
- It reflects the extent to which the government needs to borrow in order to meet its expenditure requirements.
- A higher fiscal deficit indicates that the government is spending more than it is earning, which can have implications for the economy's overall stability.
- It is a key indicator of the government's ability to manage its finances and can impact various aspects such as inflation, interest rates, and investment climate.

2. Revenue Deficit:
- Revenue deficit represents the difference between the government's revenue expenditure and its revenue receipts.
- It indicates the extent to which the government is relying on borrowings to meet its day-to-day expenses.
- While revenue deficit provides some insights into the government's fiscal position, it does not capture the full picture as it excludes capital expenditure.

3. Primary Deficit:
- Primary deficit is calculated by subtracting interest payments on past borrowings from the fiscal deficit.
- It measures the government's borrowing requirement excluding the interest component.
- While it provides a more refined view of the government's borrowing needs, it does not consider the impact of interest payments on the overall fiscal health.

4. Effective Revenue Deficit:
- Effective revenue deficit is obtained by subtracting grants for creation of capital assets from the revenue deficit.
- It provides an indication of the revenue deficit after accounting for grants used for capital expenditure.
- However, it still does not capture the complete fiscal condition as it does not account for borrowings used for capital expenditure.

Conclusion:
While revenue deficit, primary deficit, and effective revenue deficit provide some insights into the government's fiscal position, fiscal deficit remains the most accurate indicator as it takes into account all the government's income and expenses. It provides a comprehensive view of the government's borrowing needs and overall fiscal health, making it the preferred measure when assessing the fiscal condition of an economy for the current year.