he fiscal deficit target for the Financial Year 13 has been projected at Rs 5.13 lakh crore Finance Minister Pranab Mukherjee in his Union Budget 2012-13 speech. The target is 5.1 per cent of the Gross Domestic Product (GDP).  Rapid fiscal consolidation was effected in 2010-11 with fiscal deficit dropping to 4.8 per cent of gross domestic product (GDP) from 6.5 per cent of GDP in 2009-10. The Budget for 2011-12 estimated a further reduction to 4.6 per cent of GDP to be achieved through a 16 per cent growth in tax revenue, disinvestment receipts of Rs 40,000 crore and moderation in growth in expenditure to 4.9 per cent.