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

The correct answer is A because it accurately matches each fiscal term with its standard economic definition. Fiscal Deficit (I-C) is the difference between the government's total expenditure and its total receipts, excluding borrowings. It indicates the total borrowing requirements of the government. Budget Deficit (II-A) is the simplest measure, representing the difference between total expenditure and total receipts without excluding any components. Revenue Deficit (III-B) refers specifically to the excess of revenue expenditure over revenue receipts. it shows that the government is unable to meet its regular, recurring expenses from its current income. Primary Deficit (IV-D) is calculated by subtracting interest payments from the fiscal deficit. It shows the borrowing requirement of the government for purposes other than paying interest on previous loans. Therefore, the mapping I-C, II-A, III-B, and IV-D is the only correct sequence.