<h1>Government Lowers Fiscal Deficit Target to 4.8% of GDP This Year; Next Year Pegged at 4.4%</h1> The government has revised its fiscal deficit target to 4.8% of GDP for the current financial year, improved from the earlier estimate of 4.9%, due to better revenue collection. For the next financial year, the fiscal deficit is pegged at 4.4% of GDP. The Finance Minister emphasized maintaining a declining central government debt-to-GDP ratio. The Revised Estimate for total receipts, excluding borrowings, is Rs 31.47 lakh crore, with net tax receipts at Rs 25.57 lakh crore. Total expenditure is estimated at Rs 47.16 lakh crore, with capital expenditure at Rs 10.18 lakh crore. Gross market borrowings are projected at Rs 14.82 lakh crore.