Govt likely to scale down fiscal deficit target to 5 pc or less in Union Budget 2024: ICRA

The government aims to reduce the fiscal deficit to 4.9-5% of GDP in the upcoming Budget, down from the projected 5.1%. Finance Minister Nirmala Sitharaman plans to maintain Rs 11.1 lakh crore in capital expenditure while leveraging revenue buoyancy and potential income tax reliefs to spur consumption and bolster fiscal consolidation.