Consider the following statements and choose the option with correct Statements.
I- The Union government's non-debt receipts comprise revenue receipts (tax and non-tax) and non-debt capital receipts.
II- Union Government’s revenue receipts are always less than capital receipts.
III- The shortfall in the non-debt receipts to meet the expenditure requirement is met by borrowings of the government (called fiscal deficit).
Explanation: The Union government's non-debt receipts comprise revenue receipts (tax and non-tax) and non-debt capital receipts. The shortfall in the non-debt receipts to meet the expenditure requirement is met by borrowings of the government (called fiscal deficit). This section evaluates the performance of the Receipts side of the Union Government's finances.
