Q.Write a short note on: Deficit Budget

The government budget is the annual statement of estimated receipts and expenditure, split into a Revenue Budget (revenue receipts and revenue expenditure) and a Capital Budget (capital receipts and capital expenditure). The gap between receipts and expenditure is captured by three related measures: the Revenue Deficit (revenue expenditure minus revenue receipts, indicating borrowing to meet consumption-type spending), the Fiscal Deficit (total expenditure minus total receipts excluding borrowings, representing the government's total borrowing requirement), and the Primary Deficit (fiscal deficit minus interest payments, isolating the current year's genuine borrowing need net of past debt-servicing). Public debt financing …