The report said once the current turmoil had passed,fiscal discipline needed to be reasserted.
Bolstered by "hopeful signs" in certain sectors,the government said India will beat the IMF projection of 5.1 per cent growth in 2009.
India is likely to grow at 6.5 per cent or above in the current fiscal and in 2009-10.
The government expects growth in the Indian economy to slow to 7.1 per cent in 2008/09.
Of the total tax recovery made,Rs 13,000 crore was collected from regular tax payers.
India is confident of meeting its revised direct tax collection target of $67 bn for the current fiscal.
India's combined fiscal deficit is likely to narrow slightly to 10.3 per cent of GDP,from 10.8 per cent in 2008/09,Nomura said in research note.
India's real GDP is projected to grow by 7% in FY 10,Centre for Monitoring Indian Economy said.
At a time when the world economy is facing credit freeze,India attracted $2.7-bn FDI in January.