The 'Twin Deficit' problem, often discussed in the context of the Indian economy, refers to the simultaneous occurrence of which two deficits?

Explanation: Twin Deficit refers to a high fiscal deficit (government expenditure exceeding revenue excluding borrowings) occurring alongside a high current account deficit (imports of goods, services and transfers exceeding exports). The two are linked because elevated government borrowing can crowd out savings and boost import demand, while a widening current account deficit raises reliance on foreign capital, increasing vulnerability to external shocks. India faced a pronounced twin deficit around 2012-13, prompting sustained fiscal consolidation and export-competitiveness efforts afterward.