Which one of the following best describes the 'Crowding Out Effect' in the context of fiscal policy?

The crowding-out effect describes how higher government borrowing to finance a fiscal deficit pushes up interest rates in the loanable funds market, raising the cost of capital and squeezing out private investment and consumption. Option (a) is the opposite phenomenon, called crowding-in, which can occur when public capital expenditure raises private productivity. Option (c) misdescribes tax effects, and option (d) contradicts basic Keynesian aggregate-demand analysis. Option (b) is the standard NCERT and Mankiw textbook definition and is the most commonly tested framing in UPSC Economy.