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