Explanation

The primary deficit isolates the impact of current fiscal operations by excluding the burden of interest payments on past debt from the fiscal deficit.

The given fiscal deficit (₹50,000 crores) already reflects the gap after accounting for all receipts, including non-debt capital receipts. Hence, the ₹10,000 crores mentioned does not need to be used again in further calculation.

To compute the primary deficit:
Primary Deficit = Fiscal Deficit − Interest Payments

= 50,000 − 1,500
= 48,500 crores

This shows that out of the total borrowing requirement, ₹1,500 crores is due to past debt obligations, and the remaining ₹48,500 crores reflects the current fiscal imbalance.

Thus, the gross primary deficit is ₹48,500 crores.