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From which budget did India stop showing the 'budget deficit' as a separate measure?
A2004-05
B1997-98
C1991-92
D2001-02
Answer & Solution
Correct answer: B. 1997-98
1. Budget deficit was total expenditure minus total receipts.
2. India moved to fiscal, revenue and primary deficit as the reported measures.
3. The practice of showing budget deficit was discontinued from the **1997-98** budget.
4. 1991-92 is the year of the liberalisation reforms, which is why it is the tempting wrong answer.
_Source: NCERT Class 12 Introductory Macroeconomics, Ch 5 "Government Budget and the Economy", section 5.2 BALANCED, SURPLUS AND DEFICIT BUDGET_
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