Fiscal deficit, these days, is widely used as a budgetary tool for explaining and understanding budgetary developments in India. The significance of this concept has increased considerably in view of the fact that now budgetary deficit is not covered through printing more notes.
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Fiscal policy is the policy under which the government of a country uses fiscal measures (or instruments) to correct excess demand and deficient demand and to achieve other desirable objectives. There are mainly three types of fiscal measures, viz.