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Government Finance 
Deficits 
 
Fiscal Deficit: 
? It is the difference between the Revenue Receipts plus Non-debt Capital 
Receipts (NDCR) and the total expenditure.  
? FD is reflective of the total borrowing requirements of Government.  
 
Revenue Deficit: 
? It refers to the excess of revenue expenditure over revenue receipts.  
 
Effective Revenue Deficit: 
? It is the difference between Revenue Deficit and Grants for Creation of Capital 
Assets. 
  
Primary Deficit: 
? It is measured as Fiscal Deficit less interest payments. 
 
 
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