In context of budgeting and deficits identify the correct statement from the given statements ........

Economic Affairs Public Finance and Debt Management

In context of budgeting and deficits identify the correct statement from the given statements

Revenue Deficit refers to excess of total expenditure over total receipts in the current year

Fiscal Defecit occurs,when the government's total revenue expenditure exceeds its total revenue receipts.

Budget deficit refers to excess of revenue expenditure over revenue receipts

Primary deficit refers to excess of total expenditure over total receipts minus interest payments on previous borrowings.

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Explanation:

First is incorrect. Revenue deficit is the excess of total revenue expenditure of the government over its total revenue receipts. It is related to only revenue expenditure and revenue receipts of the government.
Second is incorrect. The fiscal deficit is the excess of total budget expenditure over total budget receipts excluding borrowings during a fiscal year. In simple words, it is the amount of borrowing the government has to resort to meet its expenses.
Third is incorrect. The term budget deficit is most commonly used to refer to government spending rather than business or individual spending, but can be applied to all of these entities.
Fourth is correct. Primary deficit is defined as the fiscal deficit of current year minus interest payments on previous borrowings.