Data presented in Interim Budget for 2014 2015 reveal that for the financial year 2013 2014 the revi...........

Indian Economic System Budgeting and Fiscal policy

Data presented in Interim Budget for 2014-2015 reveal that for the financial year 2013-2014, the revised estimates do not show a decline in

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Revenue deficit

Effective revenue deficit

Fiscal deficit

Primary deficit

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Explanation:

Effective Revenue deficit is a new term introduced in the Union Budget 2011-12. While revenue deficit is the difference between revenue receipts and revenue expenditure, the present accounting system includes all grants from the Union Government to the state governments/Union territories/other bodies as revenue expenditure, even if they are used to create assets. Such assets created by the sub-national governments/bodies are owned by them and not by the Union Government. Nevertheless they do result in the creation of durable assets.