"If we do well on the revenue front then we can perhaps avoid the imposition of an additional tax due to Kargil operations," Sinha said. Sinha said his conviction had been strengthened by the views expressed during the two-day conference of chief commissioners of excise and customs which ended yesterday that the central and excise revenue targets for the current year would be met.

On whether the economy could sustain the estimated six per cent growth registered last yearalso during 1999-2000, Sinha said, "We are looking towards a seven per cent GDP growth during the current year."

According to estimates, revenue collections have recorded a 21 per cent growth in the first quarter of this year, despite economic slowdown, signalling industrial recovery. While excise growth stood at 29 per cent in the first quarter of this year, as against a mere nine per cent last year, the customs collection recorded 12 per cent growth during the period under review against about 1 per cent last year.

Sinha expressed satisfaction on the current trend in the growth of the industry which grew by 7.2 per cent in May this year and hoped it would be sustained.

On the huge rise in the Sensex and the buoyancy in other bourses in the country, he said this was a positive indication though he would not like to forecast the future levels. He said the government would go ahead with the mobilisation of the targeted Rs 10,000 crore through public sector disinvestments.

"The process of disinvestmentduring the current year has started but since the officials would be busy during the elections, this would be accelerated only in October," Sinha said. On whether the coming Lok Sabha polls would hinder achieving the targeted resources from PSU disinvestment, he answered in the negative.