Finance Minster Arun Jaitley today said that the economy is in a revival phase and expected that it will clock a growth rate in excess of 8 per cent in 2015-16. Addressing a conference of Chief Commissioners and Director Generals of Customs, Central Excise and Service Tax in New Delhi, Mr Jaitley said fiscal deficit and inflation are under control. <br/><br/>Observing that the indirect tax collections has improved by 14.6 per cent in April-July after discounting for the fresh revenue initiatives, the minister said that the Indian economy is in a revival phase though challenges exist as far as global<br/>developments are concerned.<br/><br/>The total indirect tax collections during the first four months of the fiscal rose by 37 per cent. On the global front, Mr Jaitley said developments like the possibility of US Federal Reserve cutting rates, crisis in Europe and devaluation of the Chinese currency will have implications for India.