New Delhi: Indian economy is on course for a 7-plus percent growth rate in the current fiscal year, finance secretary TV Somanathan said on Wednesday.

Commenting on the first quarter GDP growth rate of 13.5 percent, he said the economy is 4 percent above pre-Covid levels.

Allaying concerns of high imports denting the fiscal architecture, he said the government was on course to meet fiscal deficit target of 6.4 percent of GDP in current fiscal ending March 31, 2023.

Economic Affairs Secretary Ajay Seth said GST collection for August is likely to remain in the range of Rs 1.42-1.43 lakh crore, in signs of buoyancy in economy.

Also, gross fixed capital formation grows 34.7 percent during April-June, highest in 10 years, he said.

(With PTI inputs)

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