Finance Minister Arun Jaitley today said that India needs investor-friendly tax administration to get more foreign investment. Referring to Prime Minister Narendra Modi and Barack Obama's meeting with Indo-US business heads last evening where tax issues came at the fore, Finance Minister said government is working in this direction because global factors are favouring India and the government cannot afford to miss the opportunity. Addressing the officials of Central Board of Excise and Customs during the International Customs Day in New Delhi, Mr Jaitley said global investors earlier have raised issue of highly adversarial administration but time has come to tune Indian system in a way so that grant of permissions,sanctions of projects become easy. The Finance Minister also said that revenue has been under challenge in the last few years because of low growth in the manufacturing sector but now it's turning around. The minister said that during the last two to three years, Indian economy was facing a huge challenge, but now suddenly growth rates are expected to lookup and the government is in a position to meet the target of fiscal deficit. The government has pegged fiscal deficit target at 4.1 per cent of the GDP for the current year. Mr Jaitley said competing economies have not been so good, Brazil faces many challenges, South Africa and European countries are still struggling to come out form the slowdown.