The Centre may announce spending cuts for the FY13 on Saturday, reports said.
However, the size of the cuts was not immediately clear, reports said citing two government sources.
Prime Minister Manmohan Singh will hold a meeting of top government economists to discuss the country five-year economic strategy and consider trimming expenditure in view of the economic slowdown.
"The government is quite serious to keep the fiscal deficit as close to budgeted target of 5.1% of GDP as possible," one of the sources, reports said citing one of the sources.