Q1. In the context of Union and State public finance in India, the term 'Revenue Deficit' refers to which one of the following?
- A. The excess of total expenditure over total receipts excluding borrowings
- B. The excess of revenue expenditure over revenue receipts in a given fiscal year
- C. The excess of fiscal deficit over net interest payments
- D. The excess of capital expenditure over capital receipts including disinvestment proceeds