Which of the following is the formulae to calculate "Fiscal deficit"?

The correct answer is option 3: Both 1 and 2

Fiscal deficit is the difference between the government’s total expenditure and its total receipts excluding borrowing.

Gross fiscal deficit = Total expenditure – (Revenue receipts + Non-debt creating capital receipts) or

 

Fiscal deficit = Total expenditure - Total receipts ( Excluding borrowings )

Similarly, Primary deficit = Fiscal deficit - Interest payments.

Thus, Fiscal deficit = Primary deficit + Interest payments