It is a new term introduced in the Union budget 2011-12.
It is defined as the Revenue Deficit ‘excluding’ those revenue expenditures of the GoI which were done in the form of GoCA (grants for creation of capital assets).
Earlier such grants to states by GoI was included in revenue expenditure.
But actually such revenue expenditures contribute to the growth in the economy and therefore, should not be treated as unproductive in nature like other items in the revenue expenditures.
GoCA includes – the GoI grants forwarded to the states & UTs for the implementation of the centrally sponsored programs such as Pradhan Mantri Gram Sadak Yojana, Accelerated Irrigation Benefit Programme, Jawaharlal Nehru National Urban Renewal Mission, etc…
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