Finance Minister Nirmala Sitharaman will present her fifth budget on February 1 when she will present financial statements and tax proposals for the upcoming fiscal year 2023-24. The Budget assumes significance as it will be last full year Budget of the government going into union elections in 2024. The forthcoming budget is likely to meet the targeted 6.4 per cent fiscal deficit and pencil in for a 50 bps reduction in the same for the next fiscal, according to a Foreign Brokerage Report.