Fiscal Deficit is the difference between the total income of the government (Taxes and capital receipts other than borrowings) and its total expenditure, excluding repayment of debt. Fiscal deficit is expressed as an absolute figure and as a percentage of the Gross Domestic Product(GDP) of the country. A high fiscal deficit means that the government is spending more than it earns. However, a high fiscal deficit can be productive for the economy if the expenditure is on creating assets such as such as highways, roads, ports, and airports that stimulate economic growth and create jobs
Current Account Deficit is the excess of imports over exports. A nation's current account maintains a record of the country's transactions with other nations, in terms of trade in goods and services , net earnings on overseas investments and net transfer of payments over a period of time, such as remittances. When exports exceed imports, the current account is in surplus.
Repo Rate or the repurchase rate is the rate of interest at which the RBI lends short-term money to banks to control availability of credit, inflation, and economic growth. It is a primary tool in the RBI's monetary policy. Interest rates on loans to returns on deposits is influenced by the repo rate.