Tax collection too exceeds target

"The government had expected a growth of 15.1 per cent but it has been overshot by two per cent," he said, expressing happiness over the performance which he attributed to buoyancy in the economy. The government had set a revenue collection target of Rs 2,03,000 crore for the year 2000-2001, he added.

GDP growth during the last fiscal was estimated at6.5 per cent, he said, adding it was a "moderate estimate." "Industry is making a claim of actual growth of seven per cent," he said.

While the industrial sector had turned in an impressive performance, agriculture had not come up to expected levels because of vagaries of nature, Kumar said. The government was expecting good growth in both industrial and agricultural output in the current fiscal.

Kumar declined to comment on the reported statement of Central Vigilance Commissioner N Vittal that Income Tax Customs and Central Excise departments were most corrupt. He, however, said "we are in the process of defining the CVC’s role. The subject is before the joint select committee of the Rajya Sabha."