Fiscal deficit is best defined as

Answer and explanation

Correct answer: A. total expenditure minus total receipts excluding borrowings

  1. Step 1: In public finance and government accounting, fiscal deficit reflects the shortfall between budgetary spending and non-debt revenues.
  2. Step 2: Defined as total government expenditure minus total receipts excluding borrowings, it measures the overall borrowing requirement of the government from domestic and external debt markets.
Answer
total expenditure minus total receipts excluding borrowings.

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