What do you mean by 'fiscal imbalance? Which measures would you like to suggest to correct the fiscal imbalances?

Fiscal imbalance refers to a situation in which a government’s fiscal operations—such as its expenditures and revenues—are not in balance, leading to a mismatch between government spending and revenue generation. In simpler terms, fiscal imbalance occurs when a government’s total expenditures exceed its total revenue, creating a budget deficit. This imbalance can be classified into two major categories: fiscal deficit and revenue deficit.

A fiscal deficit is the difference between the government’s total expenditure (both capital and revenue) and its total revenue (excluding borrowing). When the government spends more than it earns, it borrows to meet the excess expenditure. This borrowing contributes to the fiscal deficit. On the other hand, a revenue deficit occurs when the government’s revenue expenditure (spending on day-to-day operations) exceeds its revenue receipts (such as taxes and other income). A revenue deficit implies that the government is borrowing to fund its routine activities, which is more concerning because it signals inefficiency in resource allocation.

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