UPSC 2017 CDS II GK Paper

Fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding the money from the borrowings. The difference between the total revenue and the total expenditure of the government is termed as fiscal deficit.
A revenue deficit occurs when the net income generated, revenues less expenditures, falls short of the projected net income.
Effective Revenue Deficit is the difference between revenue deficit and grants for the creation of capital assets. In other words, the Effective Revenue Deficit excludes those revenue expenditures which were done in the form of grants for the creation of capital assets.
Primary deficit refers to the difference between fiscal deficit of the current year and interest payments on theprevious borrowings. Primary Deficit = Fiscal Deficit – Interest Payments.