Arrange the following stages in the process of calculating the Fiscal Deficit in the correct sequence:
- Identify the total revenue receipts.
- Identify the total expenditure.
- Calculate the total borrowings of the government.
- Calculate the fiscal deficit as the difference between the total expenditure and total revenue receipts.
1
1 → 2 → 3 → 4
2
2 → 1 → 3 → 4
3
1 → 3 → 2 → 4
4
4 → 3 → 2 → 1