Which of the following statements is INCORRECT in the context of budget and fiscal deficit?

Budgetary deficit is the excess of total expenditure over total receipts.

Deficit financing is the practice in which a government spends more money than it receives as revenue, the difference being made up by borrowing or minting new funds.

Fiscal deficit, shows the borrowing requirements of the government during the budget year .

Primray deficit is defined as fiscal deficit of the current year plus interest payments on previous borrowings.