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  • Budget is defined as a financial statement showing expected receipts and expenditures of the Government in the forthcoming financial year
  • Budgetary deficit = Total expenditure Total receipts
  • (Revenue expenditure + Capital expenditure) (Revenue receipts + Capital receipts)
  • Fiscal Deficit = Budgetary deficit + Borrowings and other liabilities.
  • Fiscal deficit fell down to 4.8% of GDP in 2010-11 as a result of fiscal measures undertaken consisting of partial roll back of the stimulus given during the last two years.

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