The government is taking all necessary steps to ensure achieving the targeted GDP growth. Finance Minister Pranab Mukherjee today said, despite global economic challenges, the growth rate during fiscal year 2012-13 is expected to be around 7 per cent.

Inaugurating the annual conference of the Chief Commissioners and Directors Generals of Customs, Central Excise and Service Tax in New Delhi, Mr Mukherjee dismissed concerns that India's growth rate may drop below 6.5 per cent.

He expressed confidence that year 2012-13 would be the turnaround year for the economy. He said, factors like the reversal of interest rate cycle, turning around of mining sector growth and quarterly investemnt growth rate would help in achieving the target.

The Minister expressed hope that prediction of normal south west monsoon and a rapid decline in international oil prices in recent weeks, will further help in growth of the GDP.

In the Budget 2012-13, the government had pegged 2012-13 GDP growth at 7.6 per cent plus- minus 0.25 per cent. Mr Mukherjee expressed concern over decline in tax-GDP ratio and asked the officials to reverse the trend. The tax-GDP ratio has dropped to 10.5 per cent in 2011-12, from 12 per cent in 2007-08.

The Minister said that government has taken several measures to curb the menace of black money. It has constituted a Committee to consult all stakeholders to strengthen existeng laws relating to black money.

The report is being examined by the government and it would help in identifying the gaps in present legislative and administrative framework.

Mr. Mukherjee informed that another important step taken by the government to curb the generation and channelization of black money, is the introduction of Benami Transactions Prohibition Bill 2011 in Parliament.

He said, this will help in reducing the menace of black money as it contains elaborate povisions dealing with the defination of Benami transaction and Benami property .

Mr. Mukherjee expressed confidence that the Direct Tax Code, DTC Bill will be implemented from 1st of April next year as an amended Bill will be introduced in the Monsoon session of Parliament. He informed that Parliamentary Standing committee has already submitted its report.