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Revenue collections buoyant, says Sinha

India's sagging revenue collections have begun picking up in the second quarter of this financial year, Union Finance Minister Yashwant Sinha as saying on Monday.

"The latest trend in revenue collections is encouraging, especially after advanced tax receipts till September 15. The figure looks better than we had anticipated. We want to build upon this," Sinha said.

India's tax receipts slumped around 13 per cent in the first quarter of 2001-02 (April-March) due to an industrial slowdown gripping the country.

The country's industrial growth slowed to 2.3 per cent in April-July from 5.9 per cent in the same period last year.

But analysts said an industrial revival seems unlikely due to fears of a possible US strike on Afghanistan after the deadly aerial attacks on the United States.

Sinha said that minor shortfalls in tax collections due to the ongoing global situation would not hit the economy.

"I won't regard any minor slippages as a disaster for the economy considering the turbulence in the world economy now," he said.

India has set a fiscal deficit target of 4.7 per cent of gross domestic product for 2001-02.

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