Primary deficit is equal to

i) Fiscal Deficit fewer Interest Payments

ii) Revenue Deficit fewer borrowings

iii) Borrowings fewer interest payments

iv) Borrowings less Fiscal Deficit.

iii

Primary Deficit(PD) is measured by fiscal deficit fewer interest payments.

Primary deficit is defined as a fiscal deficit of current year minus interest payments on previous borrowings.

fiscal deficit indicates borrowing requirement including interest payment whereas primary deficit indicates borrowing requirement minus interest payment (i.e., amount of loan).