Match List I with List II and select the correct answer using the codes given below the Lists

List I (Term) | List II (Explanation)
I. Fiscal deficit | (A) Excess of Total Expenditure over Total Receipts
II. Budget deficit | (B) Excess of Revenue Expenditure over Revenue Receipts
III. Revenue deficit | (C) Excess of Total Expenditure over Total Receipts less borrowings
IV. Primary deficit | (D) Excess of Total Expenditure over Total Receipts less borrowings and Interest Payments

To solve this, match the specific definitions. Revenue Deficit is simply Revenue Expenditure minus Revenue Receipts (III matches B). Fiscal Deficit is the gap between Total Expenditure and Total Receipts excluding borrowings, representing the government's borrowing requirement (I matches C). Budget Deficit is the gap between Total Expenditure and Total Receipts (II matches A). Primary Deficit is the Fiscal Deficit minus Interest Payments (IV matches D). Therefore, the correct sequence is I-C, II-A, III-B, IV-D.