A country's fiscal deficit stands at ₹ 50,000 crores. It is receiving ₹ 10,000 crores through non-debt creating capital receipts. The country's interest liabilities are ₹ 1,500 crores. What is the gross primary deficit?

Option (A) is correct because Gross Primary Deficit is calculated by subtracting interest liabilities from the Gross Fiscal Deficit (₹ 50,000 - ₹ 1,500 = ₹ 48,500). The non-debt creating capital receipts (₹ 10,000 crores) are a distractor because they are already accounted for in the calculation of the Fiscal Deficit itself. This question tests the core concept of budgetary deficit components and the specific formula used to measure the government's current borrowing requirements excluding past interest burdens.