New Delhi:
Union Government on Monday said that revenue collection will fall short by Rs 50,000 crore but expressed confidence that economic growth will exceed 7.5 per cent, with fiscal deficit remaining within the budgeted target.
Finance Secretary Ratan Watal told a press conference along with other secretaries and the Chief Economic Adviser that one of the concerns is revenue collection, which will fall short of the budgetary target by 5-7 per cent, mainly because of subdued growth in direct taxes.
The total tax revenues are likely to be around Rs 14 lakh crore in the current fiscal, as against the budget estimate of Rs 14.5 lakh crore.
As regards growth, Economic Affairs Secretary Shaktikanta Das said there are indications that it will exceed 7.5 per cent in the current financial year.
