Is debt and deficit the same thing?

No, the debt and deficit are not the same thing. Deficit happen when the expenditure is more than the revenue. A Government budget is deficit when the Government spends more than the revenue it generates. You can read about the Union Budget 2021 Summary in the given link.

A debt is the money that is borrowed and there is an obligation to pay back at a later date. If a nation has a debt to repay, it does not necessarily indicate that the economy of the nation is in a bad state.

Further readings:

  1. Difference between Economic Survey and Union Budget
  2. Previous Years Economics Mains Questions in UPSC Civil Service Exam, General Studies Paper – 3

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