What is Gross Fiscal Deficit?
Gross fiscal deficit indicates the borrowing requirements of the government to meet its budgeted expenditure. GFD is the difference between aggregate disbursement and aggregate receipts of the government. Aggregate disbursement include revenue expenditure, capital expenditure and repayments of loans taken by the government net of recovery of loans.
Aggregate receipts for the purpose of calculating GFD include revenue receipts and non-debt capital receipts.