He said, while there is some deceleration in industrial production and slower growth in interest sensitive sectors, but the Indian economy will be in a position to come back.
Expressing satisfaction over the revenue collection, Mr Mukherjee said that there was buoyancy.
Talking to media here he informed, while there has been a 26 per cent growth in direct tax collection till mid-June, the indirect tax collection witnessed a jump of 30 per cent during the period. He said, service tax growth is also encouraging and is contributing substantially in the overall GDP. On farm sector Mr Mukherjee said, up to now monsoon forecast is encouraging though there are some pockets of deficiencies.
He also added that if agriculture maintains growth momentum, it will help the economy in a substantial way. He said, the fiscal deficit which touched 6.6 per cent in 2009-10 was brought down to a manageable 4.7 per cent in 2010-11 due to the fiscal consolidation measures taken by the government.
Referring to the burning issue of black money, the Finance Minister said, the government was committed to tackle the menace. He said, effort against black money is relentless and both administrative and legal steps have been taken to fight against this menace. Mr Mukherjee said, there were indications of encouraging hiring activities in corporate sector and also substantial increase of income in the rural India.