A country's fiscal deficit stands at Rs.50,000 crores. It is receiving Rs.10,000 crores through non-debt creating capital receipts. The country's interest liabilities are Rs.1,500 crores. What is the gross primary deficit?

Key fact: Gross Primary Deficit = Fiscal Deficit - Interest Payments. Non-debt creating capital receipts are already part of the fiscal deficit calculation, so they are not adjusted again.

• Option (a) Rs.48,500 crores: Correct. 50,000 - 1,500 = 48,500 crores.
• Option (b) Rs.51,500 crores: Incorrect. This wrongly adds interest liabilities instead of subtracting them.
• Option (c) Rs.58,500 crores: Incorrect. This misuses non-debt capital receipts and interest figures.
• Option (d) None of the above: Incorrect, because option (a) is correct.