Finance Ministry has said that economy can touch 8 per cent growth level if the monsoon is favourable. Talking to reporters in New Delhi yesterday, Economic Affairs Secretary Shaktikanta Das said, this year the projections for monsoon are good and he hoped that India will be able to reach 8 per cent growth in the current year. Mr Das said the fiscal deficit and the revenue deficit during 2015-16 were fully contained and targets were achieved.India's economy grew by 7.9 per cent in March quarter to consolidate its position as the fastest growing major economy, leaving behind China. The growth was 7.2 per cent in 2014-15. He said, the fiscal deficit during 2015-16 was contained at 3.9 per cent of the GDP, in line with the budget projections. Mr Das said, Revenue deficit showed significant improvement due to increase in capital expenditure of the government.