The gross primary deficit (GPD) is calculated by subtracting non-debt creating capital receipts from the fiscal deficit and excluding interest liabilities. In this case, the fiscal deficit is ₹50,000 crores, and by accounting for the ₹10,000 crores received from non-debt creating receipts, the gross primary deficit is computed as ₹50,000 crores - ₹10,000 crores, which equals ₹40,000 crores, and when considering the interest liabilities of ₹1,500 crores, the total becomes ₹40,000 crores + ₹1,500 crores, resulting in a gross primary deficit of ₹48,500 crores. This concept is crucial for understanding the sustainability of a country's fiscal policies and its impact on economic growth, which is often examined in UPSC examinations.