Indian economy is on course for a 7-plus per cent growth rate in the current fiscal year, finance secretary T V Somanathan said on Wednesday.

Commenting on the first quarter GDP growth rate of 13.5 per cent, he said the economy is 4 per cent 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 per cent 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 per cent during April-June, highest in 10 years, he said.