India's Union Finance Minister Pranab Mukherjee has said that the upcoming national budged for the year will focus on higher growth and also aim to keep inflation, fiscal and revenue deficits at manageable levels.

Mr. Mukherjee has appealed to the corporate leaders in the country to help revive the growth in the country. The industry has urged the finance minister to take steps to boost investment in the country and put forward new reform measures.

Mr. Mukherjee said that a high growth rate of above 9 per cent will be achievable only with the help of the industry in the country. FICCI President R. V. Kanoria has recemmebed widening direct tax net, privatising coal mines, boosting government assets and bringing back black money from foreign locations for containing the fiscal deficit of the government.

Mr. Kanoria also recommended peak income-tax rate of 30 per cent for incomes above Rs. 10 lakh and asked the FM to restore tax exemptions for investment in infrastructure in order to encourage consumption.

Earlier, Mukherjee had said that the central government is not likely to achieve its 4.6% fiscal deficit target for the financial year. He said that it would be very difficult for the government to achieve the target in the financial year. Experts say that the government is likely to miss its target of reducing the budget deficit to 4.6 percent of gross domestic product one or two points in the current fiscal year.