Match List I with List II and select the correct answer using the codes given below the Lists: List I (Term) - List II (Explanation) 1. I. Fiscal deficit - A) Excess of Total Expenditure over Total Receipts 2. II. Budget deficit - B) Excess of Revenue Expenditure over Revenue Receipts 3. III. Revenue deficit - C) Excess of Total Expenditure over Total Receipts less borrowings 4. IV. Primary deficit - D) Excess of Total Expenditure over Total Receipts less borrowings and Interest Payments Codes:

Matching the fiscal terms with their correct explanations: 1. Fiscal deficit (I) is the difference between the government's Total Expenditure and its Total Receipts excluding borrowings. This indicates the total borrowing requirement of the government. (Matches C: Excess of Total Expenditure over Total Receipts less borrowings) 2. Budget deficit (II) traditionally referred to the difference between total expenditure and total receipts (including borrowings), but in the Indian context after 1997, this concept became less relevant. Prior definitions sometimes equated it to Fiscal Deficit or focused on financing through monetization. Option A (Excess of Total Expenditure over Total Receipts) represents the overall gap before considering financing, which is essentially the Fiscal Deficit concept in modern usage, but option A is explicitly given for Budget Deficit here. Let's re-evaluate based on standard definitions. Budget Deficit (old definition often tested): Total Expenditure - Total Receipts. (Matches A) 3. Revenue deficit (III) is the excess of Revenue Expenditure over Revenue Receipts. (Matches B) 4. Primary deficit (IV) is the Fiscal Deficit minus Interest Payments on previous borrowings. It shows the borrowing requirement excluding interest obligations. (Matches D: Excess of Total Expenditure over Total Receipts less borrowings and Interest Payments, which simplifies to Fiscal Deficit - Interest Payments) The correct code is I-C, II-A, III-B, IV-D.