<h1>India Targets Fiscal Deficit Reduction to 5.1% of GDP in 2012-13 with Finance Bill Amendments.</h1> The government of India has committed to fiscal consolidation by aiming to reduce the fiscal deficit from 5.9% of GDP in 2011-12 to 5.1% in 2012-13. This shift follows expansionary fiscal measures taken during the global financial crisis. The strategy involves amending the Fiscal Responsibility and Budget Management Act, 2003, and includes reducing total expenditure and increasing gross tax revenue as a percentage of GDP. The plan prioritizes developmental spending while curbing non-developmental expenditure growth. These measures are part of the Finance Bill 2012-13, as discussed in the Lok Sabha.