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Question

Short answer type questions:
What is a government budget? Give the meaning of: (a) Revenue deficit; (b) Fiscal deficit.

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Solution

Government budget is a statement of the estimates of the government receipts and government expenditure during the period of the financial year. It reveals fiscal policy of the government, focusing on growth and stability of the economy.
Revenue deficit is the excess of revenue expenditure over revenue receipts.
Fiscal deficit is estimated, accounting for all receipts and expenditure of the government. Fiscal deficit is the excess of total expenditure over total receipts.

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