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The India Meteorological Department has forecast a normal monsoon in 2013, with rainfall in the four-month season expected at 98% of the long-term average, raising hope of relief for food inflation and a boost in rural demand for industrial goods.

The Prime Minister's Economic Advisory Council pegged 2013-14 economic growth at 6.4%, up from 5% in 2012-13; current account deficit at 5.1% for 2012-13 and 4.7% for FY14.

Indirect tax collection for FY13 might have exceeded revised estimates by Rs 6,000 cr, said finance ministry officials. Indirect collections were Rs 4.75 lakh cr, against the revised target of Rs 4.69 lakh cr.