Economic Affairs Secretary Shaktikanta Das today expressed confidence that the economy will grow upwards of 7 per cent next fiscal. Speaking at the Executive Meeting of FICCI in New Delhi, Mr Das said India's growth remains much stronger and government is committed to push growth momentum. <br/><br/>He said there will be temporary impact of demonetisation on the economy, but it will not spill over to the next fiscal. He noted that a large part of economy is moving towards digital transactions. <br/><br/>Mr Das said India is remaining afloat and doing well amid global headwinds. He opined that India should stick to its policy of open movement of goods services and people and there is no need to make knee jerk reactions to global scenario. <br/><br/>He also said any form of protectionism is not sustainable in the long run. He said budget has maintained consistency on tax policy and reforms and GST will be a reality in the end of first quarter of Financial Year 2018.<br/><br/>Speaking on the occasion, Revenue Secretary Hasmukh Adhia said lowering corporate tax is a challenge unless personal Income Tax collections increase and people pay taxes. Mr Adhia said it will cost 18,000-19,000 crore rupees if corporate tax is to be cut by one per cent. He said only 2 percent of GDP comes from personal income tax, and increasing it is a big challenge. He also sought to allay fears, saying genuine Employee Stock Ownership Plans, IPOs, FPOs will not to be touched through Capital Gains Tax on share transfer in unlisted companies.<br/>'<br/>In his speech Finance Secretary Ashok Lavasa said a series of measures have been taken by government to bring in systematic change. He said Finance Ministry is in the process of revising General Financial Rules, by which all government expenditure is controlled and regulated. He said the general budget focuses on transforming economy and energising people. <br/><br/>On centrally sponsored schemes, he said the schemes were reviewed and their number has been brought down to 28. Mr Lavasa said MGNREGA allocation has been increased by 10000 crore rupees and the allocations are being centrally monitored.