The government has pegged fiscal deficit target at 4.1% of the GDP for the current year.
Finance Minister Arun Jaitley today said fiscal deficit targets for current year are likely to be met and manufacturing sector is showing turnaround signs.
"Even though the revenues have been challenging due to slow manufacturing industry, now, it is turning around and it looks like we will be able to meet our fiscal targets," Jaitley said.
The government has pegged fiscal deficit target at 4.1% of the GDP for the current year.
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"Our currency is one of those two global currencies that withstood the might of the US dollar. Most of the global currencies are under pressure," he said.
Stating that last one week had been a great learning for him, the Finance Minister said, "The sense I got in last few days is that ordinarily everything is going well with India.
"From depressing slowdown in last last two three years, suddenly our growth rates are likely to look up."
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On the other hand, competing economies globally have not been so good.
"Brazil faces a challenge, South Africa faces challenge. Europe is still struggling to come out of slowdown. China which has maintained a growth rate of over 9 per cent over 3 decades is looking at new normal," he said.
On current account deficit, Finance Minister Arun Jaitley said it is likely to look much better.
Rising gold imports widened current account deficit to $10.1 billion or 2.1% of GDP in July-September quarter of this fiscal, up from 1.2% a year ago.
The current account deficit (CAD) is the net difference between inflows and outflows of foreign currencies.
Jaitley further said that the government is working towards an investor friendly tax administration.
"There is a huge amount of interest and curiosity. Along with this huge amount of interest and curiosity, there were two concerns... Our decision making being slow, our lack of policy stablity...," he said.
"The second major concern has been globally expressed at all forums... Principal concern that (was) repeatedly expressed is strapped structure of India and its administration highly adversarial.
"Both the Prime Minister and I were at pains to explain that we want an investor friendly tax administration and we are all working on this," he said.
He pointed out that this concern was also raised at the meeting of CEOs with Prime Minister Narendra Modi and US President Barack Obama yesterday.
Giving stern warning to tax evaders, the Finance Minister said those who are liable to pay must pay.
"No evader or avoider must be allowed to go scot-free. At the same time, the levels of civility that we require in dealing with assesses will have to be very logical, very cogent," he added.
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