Deficit financing in Assam’s budgets implies that:

Deficit financing can be a risky strategy, as it can lead to higher levels of debt and inflation. However, it can also be a necessary tool for governments to use to stimulate the economy and finance important programs.

Here is a brief explanation of each option:

• Option a: Expenditure exceeds revenue. This is the correct answer. Deficit financing occurs when a government spends more money than it receives in revenue.
• Option b: The state is achieving fiscal surplus. This is not the correct answer. A fiscal surplus occurs when a government receives more revenue than it spends.
• Option c: Tax collection is efficient. This is not the correct answer. Tax collection efficiency is a measure of how well a government collects taxes. It is not related to deficit financing.
• Option d: Public debt is under control. This is not the correct answer. Public debt is the total amount of money that a government owes. It is not related to deficit financing.