What is difference between budgetary deficit and fiscal deficit.

The fiscal deficit is the difference between total government expenditure and total revenue receipts and capital receipts, excluding borrowings. It indicates the total borrowing requirements of the Government from all sources. Therefore, it is measure of the true extent of borrowing by the government in a fiscal year.

The budget deficit means the excess of total government expenditure over total government revenue. Capital receipts which include borrowing are also taken into account while calculating budget deficit. Thus, the fiscal deficit is budgetary deficit plus borrowings and other liabilities.