Q. With reference to fiscal deficit, consider the following statements:
Select the correct answer using the codes given below:
Q. With reference to fiscal deficit, consider the following statements:
Select the correct answer using the codes given below:
The correct option is C 1 and 3 only
Explanation:
Statement 1 is correct: Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure.
Statement 2 is incorrect: There are two types of non-debt capital receipts, recoveries of loans and advances, and miscellaneous capital receipts. The recoveries of loans and advances include recovery of loans and advances from state governments and Union Territories with the legislature, recovery of loans given to foreign governments, recovery of loans and advances from PSUs and other autonomous bodies. Non-Debt Capital Receipts are included in the calculation of fiscal deficit as they are part of the government sources of income.
Statement 3 is correct: India's Fiscal deficit for 2020-21 was at 9.3 percent or ₹18.21 lakh crore of the gross domestic product (GDP), lower than 9.5 percent estimated by the Finance Ministry in the revised Budget estimates, according to the Controller General of Accounts (CGA) data.
Explanation:
Statement 1 is correct: Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure.
Statement 2 is incorrect: There are two types of non-debt capital receipts, recoveries of loans and advances, and miscellaneous capital receipts. The recoveries of loans and advances include recovery of loans and advances from state governments and Union Territories with the legislature, recovery of loans given to foreign governments, recovery of loans and advances from PSUs and other autonomous bodies. Non-Debt Capital Receipts are included in the calculation of fiscal deficit as they are part of the government sources of income.
Statement 3 is correct: India's Fiscal deficit for 2020-21 was at 9.3 percent or ₹18.21 lakh crore of the gross domestic product (GDP), lower than 9.5 percent estimated by the Finance Ministry in the revised Budget estimates, according to the Controller General of Accounts (CGA) data.
