Fiscal policy aims to achieve ___ economic growth, price stability, and full employment.

Maintained

True or False: A fiscal deficit occurs when a government's total expenditures exceed its total revenue, excluding borrowings.

True

The FRBM Act aims to impose fiscal discipline by requiring the government to keep its deficits within ___ limits.

Reasonable

Fill in the blank: The fiscal deficit for 2023-2024 was estimated at ___% of GDP.

5.1

What is the primary objective of the NK Singh Committee regarding the debt-to-GDP ratio?

To target a debt-to-GDP ratio of 60%, with 40% for the central government and 20% for state governments.

True or False: The effective revenue deficit is calculated by subtracting grants for the creation of capital assets from the revenue deficit.

True

The revenue deficit target should be gradually reduced by ___% of GDP each year, according to the NK Singh Committee.

0.25

Fill in the blank: The fiscal council proposed by the NK Singh Committee is intended to enhance the quality of ___ information.

Fiscal

What are the two main components of revenue receipts?

Tax revenue and non-tax revenue.

True or False: Revenue expenditure includes spending on infrastructure projects that create assets.

False 

Revenue expenditure does not include spending that creates assets, such as infrastructure projects.

Fill in the blank: The 2024-25 Union Budget targets a fiscal deficit of ___% of GDP.

4.9

What role does the Fiscal Council play according to the recommendations of the NK Singh Committee?

To create financial forecasts, suggest alterations to the financial plan, and advise on compliance with fiscal targets.

Fill in the blank: The primary deficit is calculated by subtracting ___ payments from the fiscal deficit.

Interest