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What is the meaning of Fiscal Deficit and formula to calculate
What is the Formula for finding Fiscal Deficit
The difference between total revenue (income) and total expenditure of the government is called as fiscal deficit. It is an indication of the total borrowings needed by the government.

While calculating the total revenue, borrowings are not included.

In simple language -
Fiscal deficit is defined as excess of total budget expenditure over total budget receipts excluding borrowings during a fiscal year.

In simple words, it is amount of borrowing the government has to resort to meet its expenses. A large deficit means a large amount of borrowing. Fiscal deficit is a measure of how much the government needs to borrow from the market to meet its expenditure when its resources are inadequate.
Formula for Fiscal deficit = Total expenditure - Total receipts excluding borrowings.
Generally fiscal deficit takes place due to either revenue deficit or a major hike in capital expenditure. Capital expenditure is incurred to create long-term assets such as factories, buildings and other development.

A deficit is usually financed through borrowing from either the central bank of the country or raising money from capital markets by issuing different instruments like treasury bills and bonds.
Importance: Fiscal deficit shows the borrowing requirements of the government during the budget year. Greater fiscal deficit implies greater borrowing by the government. The extent of fiscal deficit indicates the amount of expenditure for which the government has to borrow money.
Nov 30, 2017
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What is the meaning of Fiscal Deficit
In absolute terms, India’s fiscal deficit-the difference between expenditure and revenue-was Rs5.25 trillion during April-October of 2017-18, up from 79.3% in the same period in 2016-17
India’s fiscal deficit reaches 96% of FY18 target at the end of October
India’s fiscal deficit reaches 96%
India’s fiscal deficit at the end of October hit 96.1% of the budget estimate for 2017- 18, mainly due to lower revenue realization and rise in expenditure.

In absolute terms, the fiscal deficit - the difference between expenditure and revenue - was Rs5.25 trillion during April-October of 2017-18, according to data of the Controller General of Accounts (CGA). During the same period of 2016-17, the deficit stood at 79.3% of the target.

For 2017-18, the government aims to bring down the fiscal deficit to 3.2% of GDP. Last fiscal, it had met the 3.5% target.

The CGA data showed that the government’s revenue receipts were at Rs7.29 lakh crore in the seven months of the current fiscal, which work out to 48.1% of the budget estimate (BE) of Rs15.15 trillion for the entire year. The receipts, comprising taxes and other items, were at 50.7% of the target in the year-ago period.

As per the data, the government’s total expenditure was Rs12.92 lakh crore at October-end, or 60.2% of the budget estimate. It was 58.2% of the budget estimate a year ago.

Capital expenditure during April-October of 2017-18 was only 52.6% of the BE compared to 50.7% in the same period of the previous fiscal. Revenue expenditure, including interest payment, was 61.5% of the BE during April-October 2017-18. This compares with 59.2% a year earlier.
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For meaning of Revenue Deficit and Current account Deficit