Addressing a press conference on completion of first half of the current fiscal, Finance Secretary Ratan Watal said the government will continue with the reforms agenda to achieve the potential growth of 8 per cent plus over time.
"Our macro-fundamentals remain strong. We are now better placed to handle unforeseen external shocks and put India firmly on the path of economic recovery and inclusive prosperity," he said at a media interaction during which other secretaries and the Chief Economic Advisor were present.
He further said the government is trying hard to sort out legacy issues of tax demands "raised retrospectively through mutually beneficial solutions".
One of the concerns is revenue collections, which according to Revenue Secretary Hasmukh Adhia will fall short of the budgetary target by 5-7 per cent, mainly because of subdued growth in direct taxes.
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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.
"Despite the global slowdown and declining export demand, India has emerged as the fastest growing major economy in the world," he said.