The government is confident of achieving economic growth rate of 8.75 per cent in the current financial year. Addressing the Chief Commissioners and Director Generals of Excise and Customs in New Delhi on Wednesday, the Finance Minister Mr. Pranab Mukherjee said, despite registering a growth rate of 7.8 per cent in the last quarter, it will be 0.25 per cent more or 0.25 per cent less than 8.75 per cent in current fiscal year. He said, sustained efforts are needed to achieve indirect tax collection target of 3.92 lakh crore rupees. He said it is about 15 per cent more than the last fiscal. Noting serious concern about growing litigation with the tax payers , the Finance Minister called upon the tax officials to work towards reducing the tax litigations.Mr. Mukerjee said policy reforms process has been undertaken by the government to address gap in the overall economic structure. He said a financial sector Legislative Reforms Commission has been set up to rewrite the financial sector laws to keep pace with best global practices. Mr. Mukherjee said steps are being taken to simplify and place the administrative procedures concerning taxation and trade on electronic interface. He expressed hope that this will set the tone for a newer, vibrant and more efficient economy.